Premier announces production increase, more to come

By Peni Pedriawan

UK oil and gas firm Premier Oil announced net average production in the first 10 months of the year, on a working interest basis, reached 14,000 boepd, some 22 percent higher than the average production posted throughout 2011.

It said in a management statement dated November 15 that underlying reservoir performance from Premier?s producing fields in Indonesia has been strong.

The Anoa field continues to deliver over its 36.9 percent contractual share of gas sales agreement (GSA1) at around 45 percent while Gajah Baru rates continue to increase. However, the gas swap agreement, via which Gajah Baru would sell additional gas (up to 2 kboepd), has not yet been executed.

The outlook for production increase is also positive with several other projects showing good progress, it said.

Premier?s projects of Pelikan and Naga continue to make excellent progress and remain on schedule for first oil/gas in 2014.

In addition, the Matang well in Block A in Aceh will also spud imminently.

Editing by Dadan Wijaksana