August 24, 2017 / 6:22 AM / a year ago

Premier Oil lifts production guidance as fields exceed expectations

Aug 24 (Reuters) - North Sea-focused Premier Oil has raised its 2017 production forecast by up to 7 percent on the back of a forecast-beating performance at its fields that also improved its cash flow and helped it pay down debt.

The producer lifted its full-year production guidance to 75,000-80,000 barrels of oil equivalent per day (boepd), up from 75,000 previously.

Stronger output from its fields more than doubled cash flow year on year in the first half to $292 million, up from $109 million a year earlier, the company said on Thursday.

It further reduced debt, which had been rising during the oil market downturn as the producer was borrowing money to spend on new fields, with net debt down to $2.74 billion at the end of June from $2.77 billion at the end of 2016. (Reporting by Karolin Schaps; Editing by Mark Potter)

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