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

StockMarketWire.com
Premier Oil has agreed to sell Premier Oil Norge AS, which comprises all its Norwegian assets, to Det norske oljeselskap ASA for USD120m cash.

Proceeds would be used to pay down the Company's debt and represents another step in Premier's previously stated programme of portfolio management.

The transaction is subject to the receipt of government approval and is expected to complete by year-end.

Multi-year low
2517

Lots of re-financing next 6 months for many of these indebted oilers and you can't see the banks wanting out but blood. Carnage ahead sadly for oilers.

Getting hammered some more as is TLW

Crude about to drop below $40 pb might have something to do with it!

Yes HARRY and despite the fact they bounce big when they do i have lost the bottle to play any small oilers at the moment , which ones will go to the wall.

new low.

Nice to see your cheery posts first thing in the morning mitzy! ;o)

Lol..

Its down 11% today Harry its not going up I know.

Oil outlook continues to sink - By Motley Fool | Tue, 15th December 2015 - 16:39

fossil fuel colossus Premier Oil (LSE:PMO) was also subject to a negative assessment of its revenues picture in Tuesday business. But unlike the tech play, I believe the outlook for the 'oilie' is far more grave.

Ratings agency Moody's took the hatchet to its Brent forecasts for 2016 today, reducing its assessment to $43 per barrel from $53 previously. Rising production from OPEC is likely to overshadow demand improvements in the US, China, India and Russia, Moody's said, and predicted that prices will only rise by around $5 per barrel in 2017 and 2018.

"Increasing consumption will not match the increase in supply," Terry Marshall, a senior vice-president at Moody's, said. "It will take time for... large global inventories to unwind, and combined with the possibility of new supply coming online from Iran, we expect oil prices to remain lower for a longer period than previously anticipated."

With Premier Oil's top line under increasing pressure as crude prices tumble, and the firm's capex-heavy operations push net debt higher -- this rose to $2.3bn as of October, up from $2.1bn three months earlier -- I believe the producer remains a risk too far for savvy investors.


oil price

2 month chart is 1 day behind

Saxo have oil spiking to $100 in 2016 on their 'outrageous' predictions. CNBC this morning.
2517

Looking dire here George.

Certainly is mitzy, I'm fortunate in that I don't hold these. Saxo reckon that Saudi's/OPEC will need to do something to increase the oil price as they are all struggling atm and they are selling other assets to get by. Not certain but I think he said their debt is 22% of GDP. So this could be a raging buy.
2517

far far far too late i have lost patience with these, but still hold TLW on which i doubt i'll ever see a profit

however, of the pair, TLW looks the better and safer bet for a number of reasons

Got a feeling next year will be much the same.

This is priced to to go bankrupt.

Broker note from JP Morgan Cazenove today reaffirms its neutral investment rating on PMO and cut its tp to 60p from 78p.

TP almost 100% from it's current sp and they rate it neutral---the mind boggles
2517

I wonder if this will survive ...

As I've said many times, these oilers will only be around after huge dilution but after reading ST then maybe not anymore. Private equity/institutions seem unwilling to chuck anymore in these indebted oilers. It's going to take 2/3 years imo for overcapacity to be taken out via producers falling over. Sad :-(((

Suspended this am.