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Premier Oil returns to profit, raises production target

Reuters - UK Focus
Premier Oil returns to profit, raises production target

LONDON, Aug 18 (Reuters) - Oil producer Premier Oil (LSE: PMO.L - news) returned to profit in the first half of the year thanks to higher production that also allowed it to raise its full-year output target by four percent.

The London-listed firm, whose operations stretch from the Falkland Islands (LSE: FKL.L - news) to Indonesia, on Thursday reported a first-half profit after tax of $167 million, compared with a $375 million loss the same period last year.

After reaching record-high production levels in recent weeks, Premier Oil said it now aimed for full-year output of 68,000-73,000 barrels per day, up from 65,000-70,000 bpd previously set.

The company said it was still in discussions with lenders about amending certain debt parameters. Premier Oil said debt levels stood at $2.6 billion at the end of June, higher than a year ago but down from the end of the first quarter. (Reporting by Karolin Schaps. Editing by Jane Merriman)