LONDON Jan 12 North Sea-focused oil producer
Premier Oil said full-year revenue slipped 10 percent
year-on-year in preliminary results, despite production levels
hitting an improved target.
The company, whose operations stretch from the Falkland
Islands to Indonesia, said 2016 revenue is expected to have
fallen to around $980 million, down from $1.1 billon the
Premier Oil's 2016 production reached a record high of
71,400 barrels per day (bpd) and is expected to climb to 75,000
bpd this year without contribution from its new Catcher field,
set to come on stream later this year.
The company also said it expected to continue benefiting
from the weak sterling that has brought operating expenses down
to $15.7 per barrel, 11 percent below expectations.
(Reporting by Karolin Schaps; Editing by Mark Potter)