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Premier Oil expects more than 40 pct rise in H1 revenue

Reuters - UK Focus

LONDON, July 13 (Reuters) - Premier Oil (LSE: PMO.L - news) said revenue for the first six months of the year would be more than 40 percent higher than the same period last year as it continues to beat production targets but it stopped short of raising its full-year output goal.

The oil producer, which announced a billion-barrel oil discovery in Mexico on Wednesday, also reduced full-year capital expenditure by another $25 million to $325 million, the company said in a trading update ahead of its six-months results due on Aug. 24.

Premier Oil expects revenue of around $560 million for the period, compared with $393.8 million a year ago, and said production was ahead of guidance at 82,100 barrels per day (bpd). It maintained its full-year target of 75,000 bpd. (Reporting by Karolin Schaps. Editing by Jane Merriman)