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Premier Oil says 2016 production could exceed forecast as North Sea output rises

Reuters - UK Focus

LONDON, July 12 (Reuters) - London-listed Premier Oil (LSE: PMO.L - news) said its full-year production levels could exceed previous guidance thanks to strong output from some of its existing and new fields in the North Sea, the company said on Tuesday.

The oil company, whose operations stretch from the Falkland Islands to Indonesia, said the price tag for its new Catcher oil field in the North Sea could sink further below $1.8 billion if sterling remains weak against the dollar.

The British currency has hit the lowest in over three decades against the dollar in the aftermath of the country's decision to leave the European Union.

Premier Oil also said it had agreed terms with a preferred bidder for its Pakistan operations but that a deal was dependent on the buyer putting in place funding arrangements, the company said. (Reporting by Karolin Schaps, editing by Louise Heavens)