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Premier Oil Year To Date Production Up 14%

Premier Oil plc (PMO.L,PMOIY.PK) reported that production for the Year to date period was 85.1 kboepd, up 14 per cent on prior year corresponding period. It has increased its 2019 full year production guidance from 75 kboepd to 75-80 kboepd, including an annualised 1.3 kboepd contribution from Pakistan.

UK production averaged 57.4 kboepd, up 47 per cent on the corresponding period in 2018. This was driven by an increased contribution from the Premier-operated Catcher Area partially offset by the sale of the Babbage Area in December 2018.

The company noted that production and free cash flow are ahead of forecast for 2019 and, consequently, it is reducing its debt faster than anticipated.

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