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

And again new lows today....

Cheap oil?
Another big faller is Premier Oil (LSE: TLW), whose shares are down 66% in the past 12 months, to 108p. But the thing with Premier is, it has already written down the value of a lot of its assets as the price of oil has slumped, yet its shares are still trading at only around 0.5 times net asset value.

And Premier is expected to be profitable, with a forecast return to decent earnings for 2016 dropping the P/E as low as 10.3. The oil price over the next couple of years could give Premier Oil investors a somewhat rocky ride, but at today’s valuation I see a relatively modest downside risk and plenty of scope for an upwards re-rating when oil finally recovers.

Interim results due on Thursday should shed some more light.


http://www.fool.co.uk/investing/2015/08/14/3-shares-for-the-week-ahead-bovis-homes-group-plc-glencore-plc-and-premier-oil-plc/

Could go below 100p incredible.

Yes - I've just been revisiting these - temping!

No one is in a hurry while oil prices still falling.

At 8.43am, WTI and Brent crude were down more than 1%

That's the problem , i'm looking at PMO and TLW but i don't think oil is going to turn around any time soon .
There could be huge gains to made somewhere down the road on some of these oilers provided they can stay afloat .

Barclays Capital Overweight 103.50 103.50 190.00 190.00 Reiterates

Huge debt pile here and that can't be serviced with this oil price for sure.

I think a wave of administration over the next 12 months throughout this sector sadly. A generation of investors taken out. Hopefully wrong, but I just don't see a sudden commodities rebound on the horizon. Look at LMI drowning by the day. Astonishing times.

No change of stopping the rot so far, gone under 100p just now
oil prices holding well today after yesterday's small bounce
Hold onto your cash the chart says

They say "hold cash and buy at the bottom"
but were is the bottom?

Same for TLW ...No end in sight at the moment .

Could this fall to 70p in the next month.

By Motley Fool | Mon, 17th August 2015 - 16:01

Premier Oil (LSE:PMO) is expected to return to profitability in the short to medium term, with asset write downs also presenting a considerable challenge to the business. However, further problems in this space seem to be more than sufficiently priced in, with Premier Oil having a price to book (P/B) ratio of just 0.44. This indicates that there is considerable support in the company's share price, as well as upside potential over the medium to long term.

Furthermore, Premier Oil trades on a forward price to earnings (P/E) ratio of just 9.8, which highlights just how cheap the company's shares have become. And, while further problems are set to lie ahead, with the company due to report a loss this year, it remains a very tempting stock to purchase.

Half-Yearly Results for the six months to 30 June 2015

Tony Durrant, Chief Executive, commented:
"First half operating cash flows increased year-on-year driven by reliable production, our hedging programme and operating cost savings of 30 per cent. With Solan on-stream later this year and Catcher in 2017, we expect both growing production and reduced debt levels. Amended financial covenants announced today provide balance sheet flexibility and demonstrate the on-going support of our capital providers. With the optionality in our portfolio, we are well placed for growth in a stronger oil price environment."

Operational highlights
· Production averaged 60.4 kboepd (2014 H1: 64.9 kboepd), despite recent disposals of non-core assets; full year guidance is maintained at 55 kboepd
· Increased momentum across sanctioned developments; Solan first oil is still targeted for Q4 2015 and Catcher first oil on track for 2017
· Progressing Vette and Sea Lion for 2016 investment decisions; ongoing engagement with the supply chain indicates significant potential for reduced costs
· Discoveries at Zebedee and Isobel Deep, Falkland Islands and incremental resource added at Anoa Deep, Indonesia; ongoing programmes in Norway, Falklands
· New venture focus on building portfolio in Ceará Basin, Brazil and Sureste Basin, Mexico
· Formal sales process for Pakistan assets initiated

Financial highlights
· Strong operating cash flow of US$513.0 million (2014 H1: US$499.4 million)
· Profit before tax and impairments of US$170.6 million (2014 H1: US$194.4 million); non-cash post-tax impairments of US$225.7 million result in loss after tax of US$375.2 million (2014 H1: profit after tax of US$172.7 million)
· Operating cost and gross G&A savings of 30 per cent and 20 per cent
· Amendments to Premier's debt covenants secured out to mid-2017
· c.60 per cent of 2015 H2 liquid volumes hedged at US$92/bbl; c.25 per cent of 2016 liquids hedged at US$69/bbl
· 2015 full year capex guidance unchanged at US$900 million (development) and US$240 million (exploration); US$500 million of total capex expected for 2016
· Net debt marginally lower at US$2,093 million; cash and undrawn facilities of US$1.5 billion

Hmmm! +6.1%.

I'm looking as well skinny ,also looking at ENQ they look to be pretty well funded .

Do you read Malcy's Blog ,it's worth a read ..

http://www.malcysblog.com/

No never heard of it - I'll have a look thanks.

I took the plunge earlier!

Premier impresses in "miserable" market

In auction again +18.0%.

Excellent bullish engulfing candle on good volume.

Beaufort Securities Speculative Buy 106.65 - - Retains

Deutsche Bank Buy 106.65 215.00 215.00 Reiterates

Jefferies International Buy 106.65 185.00 180.00 Reiterates