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Premier Oil output set to rise by more than 10 pct

Reuters - UK Focus

LONDON, Jan 11 (Reuters) - Premier Oil (LSE: PMO.L - news) said on Thursday it expects to output to rise by more than 10 percent in 2018 to up to 85,000 barrels of oil equivalent per day (boe/d) as the Catcher oilfield in the North Sea ramps up.

In a trading update, Premier (BSE: 500540.BO - news) said it expected production to reach 80,000-85,000 boe/d in 2018 from around 75,000 boe/d in 2017 following the start-up of the Catcher field last month.

Catcher is expected to reach its peak production of 60,000 boe/d in the first half of the year, ahead of plan.

"As Catcher builds up to 60,000 boe/d, 2018 will bring higher production and cashflow, continuing the debt reduction programme," Chief Executive Officer Tony Durrant said in a statement.

(Reporting by Ron Bousso; editing by Jason Neely)