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

Bought some at 66.69p

KEEP an EYE

PMO 66.50p ( 66.25/66.75p )

Look like the fall is over as it has reached well over the lows expected under 71p being 200 days MA where there usually has some support and then 61.8% Fibonacci retracement @ 68.85p. but when stop losses are applied then the share price over shoots like today to 64.75p

chart done a few days ago

Premier notes the recent weakness in its share price.

As per the timetable previously guided, the Private Lenders are currently going through their formal credit committee approval process in respect of locking up to the terms of the refinancing and good progress is being made. Premier is also in the process of finalising agreement to the amended terms of its convertible bonds with additional significant bondholders who are also expected to lock up shortly. Premier expects to provide a refinancing update to the market in the next few days.

Current operational performance remains strong with production year to date averaging over 79 kboepd against market guidance of 75 kboepd, which remains unchanged.

The TIMES - MARKET REPORT - february 25 2017, 12:01am
Premier slides lower as debt fears prove sticky - martin waller

The bears have been at Premier Oil (PMO ). The North Sea and southeast Asia producer is nearing the end of a difficult exercise to reschedule its $2.8 billion of debt, and the shares have been falling sharply because of fears that this may go awry.

Shares in Premier lost another 4¼p to 66¾p yesterday and the company was forced to put out a reassuring statement that “good progress is being made” in talks with the 40-odd holders of the debt and that a refinancing update was expected “in the next few days”.

The shares had been good performers at the start of the year, topping out at approaching £1 in early January. Premier has a substantial number of retail investors and it is thought that the shares have been undermined by chatter on unregulated bulletin boards.

A failure to reach agreement with the lenders is regarded as highly unlikely: Premier Oil said at the start of the month that terms had been agreed with advisers to the lenders, and a final agreement could be signed off as early as next week.

71.25p +4.50p (+6.74%)

That is a very strong bounce with 4M volume, but it was a very large drop lately

The Oil Man: - By Malcolm Graham-Wood | Mon, 27th February 2017

Premier Oil

A slight whiff of panic from the market on Friday meant that Prems (PMO) had to knock out a press release saying that all was going fine with the finalising of the refinancing of the debt process.

With formal credit committee approvals needed and of course the amendment of terms for the convertible, many suits are needed to sign off the process. We are told to expect an update "in the next few days" which can't come too soon for everyone involved one way or another.

Brent OIL price uptrend

Annual Results for the year ended 31 December 2016

Press Release
Tony Durrant, Chief Executive, commented:

"Premier has a robust business which continues to deliver excellent operational performance. In 2016 we achieved record production, maintained a low operating cost base and completed the highly value adding acquisition of E.ON's UK upstream portfolio. Significant progress was made on our operated Catcher project which will deliver a further step change in our production levels once on-stream later this year. Our complex refinancing has created uncertainty and volatility but is now nearing completion. Looking forward, our strong and growing cash flows will reduce our debt and in due course allow us to invest in new projects to deliver value for all our stakeholders."

Operational highlights

· Record production of 71.4 kboepd, an increase of 24% on the prior year (2015: 57.6 kboepd)

· High operating efficiency of 91%

· E.ON's UK upstream portfolio outperforming; payback now anticipated in 2017 1H

· Cost base reset; opex of $15.8/boe; Catcher capex reduced by 29%

· 2P reserves and 2C resources increased to 835 mmboe (2015: 758 mmboe)


Financial highlights

· Profit after tax of US$122.6 million (2015: loss after tax US$1.1 billion), including a tax credit of US$522.0 million

· Cash flows from operations of US$431.4 million (2015: US$809.5 million)

· Capex of US$678.1 million, significantly below budget

· Net debt of $2.8 billion as at year-end (2015: $2.2 billion); reduced since peak in Q3 2016

· Cash and undrawn facilities of US$593 million



Refinancing

· Total debt facilities preserved and maturities extended to 2021 and beyond

· Completion of refinancing expected by end of May, as previously guided

· As separately announced today, RCF, Term Loan, USPP and convertible bondholders have locked up to refinancing terms



Outlook

· 2017 production guidance maintained at 75 kboepd, before any contribution from Catcher

· 2017 opex and capex guidance of <$16/boe and US$390 million, respectively

· Catcher on schedule for 2017 first oil; improved field production profile now anticipated

· Greater Tolmount Area value significantly enhanced; offshore FEED commenced

· High impact Zama exploration prospect in Mexico to spud in Q2 2017

· Net cash flow positive at the forward curve in 2017; debt reduction accelerating once Catcher on-stream

63p +8.25 (+15.07%)

The best oil performer today after yesterday's large drop on oil falling at one time
there was a reason for today's large rise RNS .....

Refinancing update -- 15 March 2017
Premier today announces that the final Schuldschein loan holder has entered into the lock up agreement with respect to the terms of the proposed refinancing.
As a result of this, the lock up agreements entered into by the Private Lenders (comprising the RCF, FLS Term Loan, US Private Placement notes and Schuldschein loans) and the convertible bondholders have now become effective, committing the parties who have locked up to vote in favour of the refinancing.

was certainly a great one to be holding already, but no point in buying i think after the event
close followers should have noted a few weeks ago that the funding was likely to get approved

Further rise this evening on the oil price

Further good rise today to 67.25p +3.75p (+5.91%)

66.50p +2.75p

fund managers expect oil prices to double

fund managers expect oil prices to double

fund managers expect oil prices to double
really???? ....... in their dreams!!

WTI currently <$48

StockMarketWire.com
Premier Oil has signed a share purchase agreement with Al-Haj Energy Ltd (Al-Haj) for the sale of Premier Oil Pakistan Holdings BV for $65.6m cash.

Premier anticipated recording a book gain on disposal estimated at $40m.

Al-Haj had paid a deposit to Premier of $15m and would pay a further interim deposit of $10m within the next 60 days.

The deal was in line with Premier's strategy to dispose of non-core assets. Proceeds from the sale would be used to reduce the company's net debt.

The economic date of the transaction was Jan. 1, 2017, with Premier retaining 2016 net cash flows.

The transaction was subject to receipt of customary government and regulatory approvals and is expected to complete by year-end 2017.

Retracement more like a double bottom this time 60.25p compare with last time 60p
chart done last night

64.25p +2p

Refinancing update

Premier today announces that holders representing more than 75% by value of its $245m convertible bonds have now entered into the lock up agreement committing them to vote in favour of the proposed refinancing on the terms of that lock up agreement. This is a sufficient majority to pass the required resolution to implement the amended terms of the convertible bonds.

As previously notified, the amendments to the terms of the RCF, term loan, USPP and retail bonds (the Scheme Creditors) are proposed to be effected through a Scottish scheme of arrangement of each of Premier and Premier Oil UK Limited (the Schemes). The Schemes are a company led process overseen by the Scottish Court designed to enable companies to implement changes to their financing structure and documentation where the diversity of creditor groups means it may not otherwise be practical to do so. The documentation required to commence the Schemes is significantly advanced and Premier expects to launch the processes shortly. The Schemes require the approval of the majority in number and 75% in value of Scheme Creditors present and voting prior to final sanction by the Scottish Court. As previously announced, the requisite majority by value of the Scheme Creditors has already been achieved via lock up agreements, committing the locked up parties to vote in favour of the amended terms on the terms of the relevant lock up agreements.

Documentation required for the shareholder approval process and to implement the proposed amendments to the terms of the Schuldschein notes (which all Schuldschein holders are already committed to approve on the terms of their lock up agreement) is also significantly advanced. These processes will be launched in parallel with the Schemes and the convertible bondholder amendment process.

Bought some just below 62.50p

StockMarketWire.com
Premier Oil said the Zama-1 exploration well in Block 7, in the shallow water Sureste Basin, Mexico, was spudded on May 21.

This was the first exploration well to be drilled on acreage awarded in Mexico's first international licencing round in 2015.

The well's principal target is the low risk Zama prospect with supportive direct hydrocarbon indicators in the Tertiary clastic reservoirs.

The Zama structure was estimated to have a P90-P10 gross unrisked resource range of 100-500 mmbbls.

The well was expected to take up to 90 days to drill both the Zama prospect and the secondary target, Zama Deep, at a total cost to Premier of $16m.

The partners in Block 7 are Talos Energy (operator, 35 per cent), Sierra Oil and Gas (40 per cent) and Premier (25 per cent).

PREMIER OIL PLC
("Premier")
Significant new oil discovery offshore Mexico
12 July 2017

Premier, together with its joint venture partners Talos Energy (Operator) and Sierra Oil & Gas, is pleased to announce that the Zama-1 exploration well in Block 7, offshore Mexico, has made a world class oil discovery. The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico's history. Premier holds a 25 per cent interest in the block.

Preliminary analysis indicates:

·
Initial gross original oil in place estimates for the Zama-1 well are in excess of 1 billion barrels, which could extend into a neighbouring block

·
A contiguous gross oil bearing interval of over 335 metres (1,100 feet), with up to 200 metres (650 feet) of net oil bearing reservoir in Upper Miocene sandstones with no water contact

·
Initial tests of hydrocarbon samples recovered to the surface contain light oil, with API gravities between 28° and 30° and some associated gas

The well spudded on 21 May 2017 utilizing the Ensco 8503, a moored floating drilling rig. Located in 166 metres (546 feet) of water and approximately 60 kilometres (37 miles) offshore Dos Bocas, it has reached an initial shallow target depth of 3,383 metres (11,100 feet). The Operator is currently setting a liner to protect the discovered reservoirs, prior to drilling deeper exploratory objectives to a total vertical depth of approximately 4,200 metres (14,000 feet).

Tony Durrant, Chief Executive, commented:

"We are delighted to be announcing this significant new oil discovery offshore Mexico. We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier's portfolio of assets worldwide. It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico.

The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico and we look forward to working with the Government and our partners to realise the full potential of this exciting discovery."

PREMIER OIL PLC

Trading and Operations Update
13 July 2017

Premier provides an update on recent operational activities and guidance in respect of its half year financials to 30 June 2017. The Group's Half-Yearly Results will be published on Thursday 24 August 2017.

Highlights

· World class oil discovery made with the Zama-1 well offshore Mexico, as announced yesterday

· Strong production ahead of guidance at 82.1 kboepd, up 34.5% on prior corresponding period; full year guidance of 75 kboepd maintained; will be reviewed on completion of the summer maintenance period

· $14.7/boe operating cost, 11% down on the prior period; full year capex guidance reduced from $350 million to $325 million

· Catcher on schedule for 2017 first oil; FPSO mechanically complete and final commissioning is well advanced prior to sailaway to the North Sea

· FEED for the Tolmount project is ongoing; discussions with an infrastructure partner to fund Premier's share of the development are at an advanced stage

· Refinancing is expected to become effective 28 July; all shareholder and lender approvals have been received and a final Court Scheme sanction hearing is scheduled for 18 July

· Positive cash flow in 1H, in line with guidance, reducing net debt to $2.7 billion; deleveraging will accelerate as Catcher completes and proceeds are generated from our disposal programme

Tony Durrant, Chief Executive, commented:

"The very exciting exploration success in Mexico comes on top of another strong operating performance for Premier in the first half. Our producing assets are outperforming and our cash costs are below budget. Catcher will provide another step up in production and cashflow, accelerating debt reduction. Our substantial undeveloped resource base, now enhanced by the Mexican discovery, provides Premier with significant growth opportunities."