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Premier Oil cuts 2013 production guidance by up to 10 pct

Reuters - UK Focus

LONDON, Oct (KOSDAQ: 039200.KQ - news) 23 (Reuters) - Britain's Premier Oil (LSE: PMO.L - news) cut its output guidance for the year by up to 10 percent on Wednesday, the second downgrade in four months, which it blamed on two pipeline issues at projects in Britain and Vietnam.

Premier (BSE: PREMIER.BO - news) said it now expected to produce between 57,000 and 59,000 barrels of oil equivalent per day (boepd) in 2013, lower than the 63,000 boepd it forecast in July.

Guidance earlier on in the year had been for output of 65,000 to 70,000 boepd.

"While our oil production is currently restricted by gas export issues in both Vietnam and the UK, this has limited impact on the long term value of those fields. Plans are in place to address these issues," Chief Executive Simon Lockett said.