November 14, 2019 / 7:40 AM / a month ago

Britain's Premier Oil expects higher annual production, cuts debt

Nov 14 (Reuters) - Premier Oil said on Thursday it expects annual production at the upper end of a previous forecast, banking on higher output from its flagship Catcher field in the British North Sea, and said its debt pile had reduced by $300 million.

The company, founded in 1934, now expects to produce oil at the upper end of its 75-80 kilo barrels of oil equivalent per day (kboepd) range for the full year, with production in the 10 months to October averaging 79.4 kboepd.

Premier said it was also on track to meet its net debt reduction guidance in excess of $300 million for 2019. Its net debt reduced to $2.03 billion at the end of October from $2.33 billion at the end of 2018, the company said. (Reporting by Shanima A and Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber)

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