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Premier Oil 2018 Production Up 7%

Premier Oil plc (PMO.L,PMOIY.PK) Thursday, in its trading and operations update ahead of its 2018 results, said its production was 7 percent ahead of last year at 80.5 kboepd, and that it estimates total revenues of $1.4 billion, up from last year's $1.1 billion, reflecting higher production and realized commodity prices.

The higher annual production was attributed to new production from the Premier-operated Catcher Area and a strong performance from the Group's operated Asian assets.

The Group now expects 2019 production to average around 75 kboepd, following announced and completed disposals, which accounted for 8 kboepd in 2018.

Premier Oil said total capital expenditure, or capex, is estimated at $355 million for 2018.

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