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Premier Oil's operating costs fall more than expected as cuts pay off

Reuters - UK Focus

LONDON, May 11 (Reuters) - Oil producer Premier Oil (LSE: PMO.L - news) said its cost-cutting measures due to weak oil prices were bearing fruit as its operating costs have fallen 10-20 percent below expectations.

The North Sea-focused oil company also said it expects full-year production to be at the upper end of or exceed guidance of 65,000-70,000 barrels of oil per day.

"The contribution from the E.ON assets and the Solan field means that we now expect production for the year to be better than we originally anticipated," Chief Executive Tony Durrant said in a statement.

Last month, Premier Oil completed the $120 million takeover of German utility E.ON's UK North Sea assets. (Reporting by Karolin Schaps; editing by Jason Neely)