Progress for Premier Oil

Premier Oil is tracking towards a “cash-flow positive” position this year.

Chief executive Tony Durrant said the firm’s “strong operational performance” had continued in the first months of 2017 as it battled to decrease its debt and move its flagship Catcher project to first oil.

“Production is above budget, the E.ON transaction has already reached payback, costs continue to be managed downwards and Catcher is on track for first oil later this year.

“We plan to be cash-flow positive in 2017 with more significant debt reduction in 2018.”