Premier Profits Up

UK independent oil and gas explorer Premier Oil has announced an eight percent rise in profits for 2007 on the previous year as the company prepares for "active exploration" during 2008.

Premier says that production has averaged 35,700 barrels of oil equivalent per day (boepd) last year, and is on target to hit output of 50,000 boepd by the end of 2010.

The company says 2007 saw "significant progress" on development projects following important gas contracts in Indonesia and Singapore.

This year Premier plans to explore approximately 18 development wells with up to 12 exploration and appraisals wells in Vietnam, expected to commence in mid-March 2008.

The Monte Cristo-1 well in the Philippines is also expected to spud in the first quarter 2008.

By staff writer