Premier Oil has approved the Tolmount UK North Sea field development project, with the formal sanction by partners is due during Q3 2018. The operator noted that the letters of interim agreement were signed with the platform and pipeline contractors and the terminal for onshore gas processing. The project is on target to deliver first gas in Q4 2020. Tony Durrant, chief executive of Premier, said: "Catcher delivering stable plateau production is an important milestone for Premier. This, coupled with the ongoing strong performance from our underlying portfolio and our continued focus on cost control, will result in significant free cash flow generation and material debt reduction in the second half."
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