May 15 Oil and natural gas producer Premier Oil
, which has struggled to contain its $2.8 billion debt
pile, said it expected to slash debt significantly in 2018 with
planned asset disposals this year and lower capital spending.
The North Sea-focused company, which had said its debt
restructuring deal was expected to complete by May, lowered its
2017 capital expenditure forecast to $350 million from $390
It maintained the full-year production guidance of 75,000
barrels of oil equivalent per day, excluding any contribution
from its Catcher field in the North Sea, which is scheduled to
deliver first oil in 2017.
The company reported a 44 percent rise in its production to
82,600 boepd for the four months ended April 30.
Shares in the company rose as much as 5.5 percent, before
paring gains to trade up 4.1 percent by 0823 GMT on the London
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha