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

yesterday, Credit Suisse or similar downgraded PMO to neutral and sp dipped a bit to hit 25 dma ..... this morning sp rockets away, though otherv oils are strong too ..... Q is whether or not the FT t/o rumour has any foundation

From The Times this morning:

Talk of a bid helped Premier Oil, the explorer with assets in the North Sea, Africa and South-East Asia, to add nearly 7 per cent at one stage yesterday. The rumour is of a bid in the region of 15 a share, valuing the group at 1.23 billion. Mol, the Hungarian oil producer, is seen as the potential predator, but others cited in the past include Santos, of Australia, Eni, of Italy, Shell, Dubai Energy and ONGC-Mittal.

Premier, which closed up 53p at 12.35, was also helped by Phil Corbett, of ABN Amro, who set a 14.85 price target and said that Premier was his top pick of the oil stocks, with potentially exciting drill results in Vietnam.

Although oil prices fell, Mr Corbett pointed out that prices for delivery of oil in about five years time are more than $86 a barrel.

http://business.timesonline.co.uk/tol/business/markets/article2957711.ece

The bid rumour is also apparently in the Telegraph today (according to Moneyam Press Roundup). So there must be something to this - possibly due a statement re 'press speculation' soon?

sp just breached 1300p! It's racing away suddenly.

Cynic, I'm sure you'll have a lot of catching up to do, having been out all day, but have a look at the PMO intraday chart for today - an awesome climb at midday (just as SLN was falling off another!). I was expecting some news to filter through p.m. but it settled down again.

bought more a couple of days back as well as IEC ..... am now significantly o'weight in both

IEC did well today, too - good move! Wish I'd bought some - but can't be everywhere at once...

having been totally scathing about IEC in the past, i still kept watching and eventually boughtmy initial stake at 902 on 6/9/07 and have traded it ever since

arguably (looks as if I) top-sliced prematurely yesterday, but always nice to put money in the bank!

next obvious resistance = 1355/1360 being the all time high ...... always assuming the long mooted bid does not materialise

See link I've put on the DNX thread - Times article of 14Oct re 'bid alert' for certain companies, incl PMO. Could be something brewing again?

From The Times 27Nov:

Premier soars on revived bid talk

unless there are some big orders that are still to be filled and logged, volume remains low at only about 250k against a daily average of just 950k

I have to brave the shops for a couple of hours - looking at Level 2, this could travel up again while I'm out; hope I'm right! DNX seems to be heading back where it came from.

a very rare but very bright spot in today's bloodbath ...... the chart on post 54 says it all, and perhaps interestingly there are no announcements of any kind

it would cheer me and others no end if the long mooted t/o approach actually came to fruition

good bullish comment below from Deutsche Bank ......


Turning to Premier Oil PLC, Deutsche Bank said that on a stand alone basis, the company's Indonesian exploration and appraisal success rate equals about 76 pct versus a group average of 47 pct, noting that on this basis it sees upside against the market's pessimistic view.

The broker said that with Premier's shares strongly underpinned by core NAV, it reiterates 'buy', upgrading its target to 1,880 pence from 1,800.


would be very happy to sp charge up to 1650/1700!

though the rest of the market may prove a bit soggy this morning, PMO should prove a bright spot ..... glad i bought a few the other day to go alongside my TLW which are also making a star turn .....

THIS
Premier Oil Plc said the Chim So North appraisal well on Block 12W in Vietnam flowed oil and gas during testing operations.
The target Middle Dua sand sequence was encountered as expected and two reservoir zones were drill stem tested, Premier said in a drilling statement.
The first zone flowed 1,650 barrels of oil per day (bopd) plus 1.4 million standard cubic feet of gas per day (mmscfd), while the second zone flowed 2,680 bopd and 2.1 mmscfd. No water was produced on either test, it said.

AND
Premier upped to outperform by Credit Suisse

Good result...nothing better than mid-cap oilies now !

Not such good news today ...delayed drop with this stock....more in keeping with the rest of the stock market rather than just the negative result today !, on with the next well......!.

Less than expected...... the profits.....future looks bright and we have $120 a barrel today......so all you need for crude to rise is a little bit of bad news (hurricane)....oil to drop to $100 per barrel ?...perhaps not !, sudden spikes up beyond $130 again ? quite possibly !, todays drop could be short term with a sharp rise tomorrow on the cards !.