Premier Oil shares plunge after Noreco writes off Huntington field discoveries

Premier Oil shares fell on Friday after its partner Noreco decided to write-off its discoveries in the Huntington field.

The oil explorer, commenting on its partner's decision, said it has "never attributed any value to this discovery and its view of the Huntington field reserves has not changed".

Premier Oil said it would start its production from the 40%-owned field this weekend, ahead of schedule.

"Premier's production remains strong and above guidance: year to date production has averaged 64,000 barrels of oil equivalents per day," the company said.

Stocks in the oil sector fell for a second consecutive day after the Organisation for Petroleum Exporting Countries decided against cutting output, sending the price of crude tumbling to a four-year low.

Shares in Premier Oil were down 15.88% to 181.7p at 14:52 on Friday.