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BUZZ-Premier Oil rises on progress at Catcher oilfield

Reuters - UK Focus

Oct (Shenzhen: 000069.SZ - news) 23 (Reuters) -

** Premier Oil (LSE: PMO.L - news) shares up 2.4 percent at 0725 GMT after company announces start-up of Catcher oilfield in North Sea on schedule for year-end

** Premier Oil says BW Catcher Floating Production Storage and Offloading ("FPSO") vessel arrived at oilfield on Oct. 18 and has successfully completed a rotation test around the buoy

** "This is a key project for Premier (BSE: 500540.BO - news) and successful delivery would remove some of the concerns/risks investors currently have over the stock," said David Round, analyst at BMO Capital Markets

** Start-up of Catcher oilfield key to increase Premier Oil revenue to reduce debt, which stood at $2.74 billion at the end of June (Editing by David Goodman)