Premier Oil provides the following trading update for the period 1 January to 30 April 2015. This update is issued in advance of the Company's Annual General Meeting which is being held today at the Institute of Directors at 11.00am.
•Production averaged 60.2 kboepd to 30 April; full year guidance maintained at 55 kboepd excluding new production from Solan
•Improved progress was made on the completion and commissioning of the Solan project with first oil targeted for later this year
•First oil from Catcher remains on schedule for 2017; progressing Sea Lion and Vette for 2016 sanction decision
•Oil and gas discovery at Zebedee, Falkland Islands; Isobel Deep, Falkland Islands, and Anoa Deep appraisal, Indonesia, drilling
•Delivering significant cost reductions for 2015 via sustainable savings in operating costs and reduced G&A spend
•Significant liquidity with cash and undrawn facilities of $1.3 billion
Tony Durrant, Chief Executive, commented,'We have achieved a strong start to the year notwithstanding oil price volatility. Year to date we have delivered a robust production performance, progressed our development projects, achieved exploration success in the Falklands and actively managed our cost base. Our focus remains on delivering our committed projects and managing our balance sheet while maintaining optionality in the portfolio for future growth as the oil price recovers.'