Premier provides its Interim Management Statement for the period 1 January to 30 April 2014
* Production averaged 65.8 kboepd, up 13% on prior corresponding period; full year guidance maintained at 58-63 kboepd.
* Premier-operated Dua, Pelikan, Naga and Solan projects targeting first oil/gas later this year.
* Board approvals received and key service contracts awarded on Catcher; UK Government approval expected shortly.
* Sea Lion project FEED and exploration drilling contract award planned for this quarter.
* Oil and gas discovery at Kuda Laut, Indonesia and gas discovery at Kadanwari, Pakistan; results of Singa Laut and Ratu Gajah wells in Indonesia expected shortly.
* £75 million share buyback in progress.
* Strong financial position retained, with cash and committed undrawn facilities of $1.6 billion; renewal of principal bank facility underway.
Simon Lockett, Chief Executive, commented:
“Premier is delivering on its stated strategy with good progress made across the portfolio. Production is strong as we improve our operating efficiency. Current developments will add production and our new projects are achieving key milestones. We have extended our recent exploration successes with the Kuda Laut discovery, the first of four material wells planned for the next 12 months.”