StockMarketWire.com - Oil company Premier Oil reiterated its recently trimmed annual production guidance after output dropped in the first half as expected.

Production in the six months through June fell to 67.3k barrels of oil equivalent per day, down from 84.1k boepd on-year.

The company stuck to its most recent full-year output forecast of 65k-to -70k boepd.

Net debt had edged down to $1.97bn at the end of June, from $1.99bn at the end of December.

Premier Oil said discussions with a subset of its creditors regarding a long-term extension to credit maturities were underway, with an aim to agree terms by the end of July.

'The continued underlying performance of our core assets along with the decisive action we have taken to reduce our expenditure during the first half has resulted in our net debt remaining broadly flat despite significantly weaker commodity prices during the period,' chief executive Tony Durrant said.

'This, together with the expected agreement on the amendments to our credit facilities and the completion of the value-accretive BP acquisitions, positions us well to benefit from a recovering oil price.'



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