Premier slid as much as 1.9 percent, the biggest intraday decline since Oct. 16, after reducing its forecast to 57,000 to 59,000 barrels of oil equivalent a day from 63,000 a day.
A gas-venting failure at the North Sea Huntington oilfield this year and a leak at the Chim Sao deposit in Vietnam led to the revision, the London-based company said in a statement. It expects to pump 65,000 barrels a day by the end of the year.
“While our oil production is currently restricted by gas export issues in both Vietnam and the U.K., this has limited impact on the long-term value of those fields,” Chief Executive Officer Simon Lockett said. “Plans are in place to address these issues.”
Premier said in August that new projects in Vietnam, Indonesia and the North Sea will allow it to raise production to about 100,000 barrels a day in the “medium term.”
The stock traded down 1.7 percent at 334.1 pence as of 8:33 a.m. in London. The shares have dropped 16 percent since reaching 400 pence in February.
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