- Premier Oil has reduced its net debt by $300m as at the end of October, according to a trading and operations update published today.

The company also announced a significant commercial discovery at Tolmount East, with development planning already well advanced. The project sanction is targeted for the second half of 2020.

Group production averaged 79.4 kboepd for the 10 months to 31 October 2019, with high operating efficiency of 94%. The company has forecast full year production at upper end of 75-80 kboepd.

Chief executive of Premier Oil, Tony Durrant, said: "We continue to deliver on our strategic priorities. We are generating significant free cash flow, which is materially deleveraging our balance sheet. At the same time, we are actively managing our portfolio and selectively progressing growth projects at the right exposure. We also continue to create value through the drill bit and to build material new positions in emerging exploration plays at low cost."

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