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Premier Oil sees record production volumes in December so far

Premier earlier this week measured group production at a rate of 98,700 boepd, a new company record

oil and gas operations
It looks forward to the Zama-2 well received the reservoir early in the New Year

Premier Oil PLC (LON:PMO) on Friday told investors that production has averaged 79,400 barrels oil equivalent per day in the year to date, and, was higher in recent months.

The company said output during November and December was above forecast at 92,000 boepd, and, set a new record rate of 98,700 boepd on December 4.

It said that the record was driven by “high uptime” across its production portfolio. Premier, in particular, noted that its 50% owned Catcher field had flowed an average of 68,000 boepd during November and December to date.

READ: Premier Oil boasts significant cash flow as output continues to rise

The oiler added that it continues to forecast full-year production of around 80,000 boepd. It also noted that, as communicated previously, 30% of 2019’s production has been hedged at US$70 per barrel.

The company, meanwhile, said that the Zama-2 appraisal well is expected to reach targeted reservoir early in the New Year.

It also highlighted that its Seirra Oil & Gas, a partner in Zama with 40%, is to be acquired by DEA which is separately Premier’s partner (also with 40%)in the nearby exploration area hosting the Wahoo and Cabrilla prospects. A 3D seismic programme is planned for 2019.

Premier additionally confirmed the completion of its deal to sell the Babbage assets, which yielded 2,500 barrels of oil equivalent per day.

Quick facts: Premier Oil PLC

Price: 87.44 GBX

Market: LSE
Market Cap: £726.98 m

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