Britain’s Premier Oil on Wednesday reduced its forecast for its 2019 operating costs to US$12 per barrel of oil equivalent (boe) from US$13 and expects debt reduction to reach the upper end of its US$250-$350-million target by year-end.
Premier, which had debt of around US$2.3 billion in December, expects to give the final go-ahead for two satellite fields to its North Sea flagship oil field Catcher next month to extend the period the project produces at 66,000 boe per day.
It expects to submit applications for senior debt facilities for its Sea Lion project off the Falklands imminently. It had previously envisaged doing this by June.