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Premier Oil approves Tolmount gas project

Reuters - UK Focus

LONDON, July 12 (Reuters) - Premier Oil (LSE: PMO.L - news) 's board has approved its Tolmount gas project in the UK North Sea ahead of a final investment decision in the third quarter and the company also expects to start drilling on a first well in Mexico in the fourth quarter, it said on Thursday.

Both projects are crucial to Premier (BSE: 500540.BO - news) 's future output growth as it has been focusing on reducing its debt pile which stood at $2.65 billion at the end of last month. It expects to reduce debt by between $300 million-$400 million by the end of the year. (Reporting By Shadia Nasralla; Editing by Susan Fenton)