Premier Oil profits rise on higher-than-expected production
LONDON Aug 21 (Reuters) - Oil and gas explorer Premier Oil reported a 7 percent rise in first-half profit after tax, helped by a higher-than-expected increase in oil production from its British fields.
The company also said it was well funded with nearly $500 million in operating cash flow that it will use to finance its exploration campaigns, mainly in Kenya, Norway and the Falkland Islands, and dividend payments.
Despite stronger-than-expected production results Premier Oil left its 2014 output target unchanged at 58,000-63,000 barrels of oil equivalent per day.
(Reporting by Karolin Schaps; editing by James Davey)
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