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Premier Oil cuts 2017 capital expenditure for third time

Reuters - UK Focus

Nov 16 (Reuters) - Premier Oil (LSE: PMO.L - news) cut its full-year capital expenditure for a third time this year, after reporting an 11 percent rise in production so far in 2017.

The company cut its development, exploration and abandonment expenditure to $300-$310 million. It had originally planned to spend $390 million in 2017 before cutting to $350 million and again to $325 million in July.

The London-listed oil company also maintained its full-year production guidance at 75,000-80,000 barrels of oil equivalent per day (boepd) and its operating costs forecast of about $16 per barrel.

The company said its key project - the Catcher oilfield in the North Sea - was on schedule for first oil in December.

The start-up of Catcher oilfield is key to increasing Premier (BSE: 500540.BO - news) 's revenue to reduce debt, which stood at $2.8 billion at the end of September. (Reporting by Arathy S Nair in Bengaluru; Editing by Mark Potter)