What a chart, further to go, or not
Comments please

nice rise in sp today.

Nomura lifts Premier Oil to buy from reduce, target price cut from 500p to 476p.

anyone in the know re sharp rise?

operations and trading update this thursday 17th

StockMarketWire.com
Premier Oil said an exploration well in the Luno II prospect in PL 359 has resulted in a potentially significant oil discovery and will now be tested to obtain flow rate information.

Premier said it was commenting after a press release by Lundin Petroleum AB, the operator of the exploration well 16/4-6S on the Luno II prospect. Premier holds a 30% equity stake.

The well was drilled in water depth of 101 metres.

The well encountered a significant gross reservoir section of close to 200 metres with a gross oil column in excess of 40 metres. The oil water contact was encountered at approximately 1,950 metres below mean sea level.

Information gained so far indicates that the petroleum system in Luno II is different to that of the nearby Edvard Grieg and Johan Sverdrup fields. A comprehensive coring and logging program has been performed and the discovery will now be drill stem tested.

that's why i bought back in this morning :-)

StockMarketWire.com
Premier said the Bonneville exploration well (28/9a-6) and its side track (28/9a-6z) have discovered oil, while the Matang-1 exploration well in Indonesia has discovered gas and will now be tested.

"The estimated oil in place from the Bonneville discoveries is approximately 30 million barrels which is in line with pre-drill predictions," the company said.

The Bonneville prospect is located 4km south of the Burgman discovery on the Catcher licence in the UK Central North Sea.

"The Bonneville discoveries are in excellent quality reservoirs with average porosities of approximately 30 per cent. Initial sampling indicates that the API of the oils in Bonneville is of similar quality to that established at the nearby Burgman discovery which was 25 degrees API," the company said.

Premier Oil also said The Matang-1 well, which is on Block A Aceh (Premier 41.67% equity), had found gas and would be tested.

The Matang-1 well, which has been drilled to a depth of 7,893 feet true vertical depth, penetrated a gross gas column in the Upper Bampo Limestone formation (the primary reservoir target) of at least 90 feet. The base of the gas column has not been encountered.

The company also said that testing of the Luno II discovery (Premier 30%equity) in Norway had started and results were expected before the end of the month.

Premier Oil plc 5% 2020 Bond

sp down to 300p, buying opportunity?

Production Update

RBC Capital Markets Outperform 312.50 - 520.00 Retains

Finncap Buy 312.50 420.00 420.00 Retains

Update - Expected Issue Size Relating to the Bonds

indicated price above of 334 is clearly an anomaly (nonsense!) ...... expect sp to open ~311 which is where it truly closed last night

EARLY CLOSURE OF THE OFFER PERIOD

PREMIER OIL PLC
5% STERLING BONDS DUE 2020 (THE "BONDS")


On 25 November 2013, Premier Oil plc ("Premier") announced and launched an offer of the Bonds, available to wholesale and retail investors. This announcement confirms that the Offer Period will close at 12 noon (London time) today (the "End of Offer Date"), such date and time being earlier than the scheduled end to the Offer Period which was at 12 noon (London time) on 6 December 2013.

Premier will release its announcement constituting the Final Terms Confirmation Announcement as referred to in the Final Terms relating to the Bonds dated 25 November 2013 at a time and a date shortly after the End of Offer Date.

Defined terms used herein shall have the meanings attributed to them in the Prospectus dated 18 November 2013 and/or the Final Terms dated 25 November 2013 relating to the Bonds

-Ends-

Trading and Operations Update

Premier today provides a trading and operations update ahead of its 2013 Preliminary Results which will be announced on Thursday 27 February 2014. A Capital Markets Day will also be held for investors and analysts on 6 February 2014.

Simon Lockett, Chief Executive, commented:
"2013 was a challenging year for Premier and the wider industry as a whole. It is however pleasing that production reached record levels towards the end of the year, that four new projects will achieve first oil and gas in 2014 and that our mid- to longer-term projects, including Bream, Catcher and Sea Lion, have taken significant steps forward. We are also pleased our exploration record improved in 2013 as we refocus on selective new basins with material upside."

Production Operations
During December Premier's average production rate was 69 kboepd with a peak weekly average rate above 75 kboepd. Estimated average production for the full year 2013 was 58.2 kboepd (2012: 57.7 kboepd). Whilst our fields are capable of producing in excess of 75 kboepd, our output in 2014, after taking into account production efficiency and planned maintenance periods, is expected to be in the region of 58-63 kboepd.

CEO stepping down resulting in SP up 8%-funny old world

Ex -divi wed 16th Apr (5p)

StockMarketWire.com
Premier Oil said despite external market volatility 2014 has seen strong operational performance as it continues to deliver on the key targets communicated to investors earlier in the year.

Year-to-date production averaged 64.0 kboepd, up 12.6% on prior corresponding period.

Looking forward, CEO Tony Durrant said new projects would be sanctioned if they were robust at Premier's long-term oil price, which was currently $85/bbl.

"This includes a phased, lower capex solution for Sea Lion. In 2015, net cash flows will benefit from lower development capital expenditure and a programme of cost reductions," he said.

The company's interim management statement for the period 1 January to 31 October 2014 included the following highlights:

§ Good progress with development projects: Dua on-stream; first gas from Naga; Solan commissioning underway; Catcher FPSO construction to commence shortly

§ Following a project review, Sea Lion will now progress initially as a smaller development in the north east of the field with an estimated capex of less than $2 billion

§ Upcoming material exploration wells in 2015 include Badada (Kenya), Myrhauk (Norway) and Zebedee and Isobel Deep (Falkland Islands)

§ Cash flows protected by forward hedges: c. 43% of liquids sold at an average of $101.5/bbl for 15 months out to year-end 2015

§ Strong funding position retained, with cash and undrawn facilities of $2.2 billion.

A chart disaster

No different from many of the oilers atm. Might be some good bargains when crude starts to rise again.

Could be worth waiting 6 months Harry,