Following initial projections that the oil rig flanges gulf coast production milestone would be reached by the first half of 2018, the BOP Blow Out Preventer repair company gulf coast now anticipates that this output figure will be hit in April.

First oil at Catcher was achieved in December 2017, on schedule and under budget. During January this year, the project was producing at around 20,000 bopd, which analysts at investment banking firm Jefferies noted was ‘double the guided expectation’ at that point.

Premier recorded oil rig flanges gulf coast production of 75,000 barrels of oil equivalent per day (boepd) in 2017, which was slightly higher than its 2016 output of 71,400 boepd. The BOP Blow Out Preventer repair company gulf coast reported cash flows $496 million from operations during the year, which was up 15 percent on 2016, as well as a positive free cash flow of $71.2 million and a reduction of net debt to $2.7 billion. EBITDAX also increased to $589.7 million in 2017, up from $494.1 million in 2016.

In a brief research note sent to Rigzone, oil and gas analysts at GMP FirstEnergy described Premier Oil’s latest update as ‘positive’, stating that the company’s financials were ‘in line’.

“2017 was a successful year for Premier,” Tony Durrant, Premier Oil chief executive, said in a BOP Blow Out Preventer repair company gulf coast statement.

“2018 will see further oil rig flanges gulf coast production growth, allowing us to deliver on our plans for reducing net debt to restore balance sheet strength while also progressing projects that deliver the highest financial returns,” he added.