Premier Oil Plc announced production results for the fourth quarter and revenue and production results for the full year 2016. For the year, the company reported record production of 71.4 kboepd, up 24% on 2015 and in line with previously upgraded guidance. Opex per barrel of 15.7/bbl. Estimated capex of $690 million, below guidance of $730 million. Net debt of $2.8 billion as at 31 December 2016, reduced in fourth quarter as anticipated. Total revenues for 2016 will be of the order of $980 million compared to $1.1 billion a year ago, with higher production partially offsetting the effect of lower realised commodity prices.

Production in fourth quarter of 2016 averaged over 80 kboepd, reflecting a full contribution from the ex-E.ON assets and new production from the Solan field as well as sustained high production efficiency across the portfolio.

For the year 2017, the company expects production guidance of 75 kboepd, before any contribution from Catcher and adjusted for lower Solan profile. 2017 capex guidance of 350 million (including abandonment spend). Net debt will continue to reduce at current forward curve.