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

Looking pretty good here....along with GFM....doing fine......

GFM (mining) is almost untradably illiquid and frankly has no connection at all with PMO (oil)

Catcher in the Briny

http://http://www.bbc.co.uk/news/uk-scotland-scotland-business-42491696

Cynic....GFM is a good one....how many are you trading for pete's sake ?....I'll put something interesting on that thread shortly.....anyway...this looks good to me (PMO)...this has the sealion prospect along with rockhoppper...the higher crude goes...the more it is viable.....

sorry to digress ....
GFM ....... illiquid because even the average volume is <250k and sp is too easily manipulated as it's MM-only

Heads up!

Break out!

About time

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Lets hope for a good update tomorrow,let the trend be your friend

StockMarketWire.com
Premier Oil achieved full year production of 75 kboepd in 2017, in line with guidance and up 5% on 2016.

Estimated total capex was US$305 million, below revised guidance of US$325 million.

Net debt dropped to US$2.7 billion as at 31 December 2017.

For 2018, the company expects production of 80-85 kboepd, allowing for the ramp up from Catcher and adjusted for 2017 disposals.

Catcher production is planned to ramp up in the first half, reaching peak gross production of 60 kbopd. It is currently producing around 20 kbopd in the ramp up phase.

Tony Durrant, chief executive, said: "First oil from Catcher and the completion of the Wytch Farm disposal completed a highly successful year for Premier which included our world class exploration success with the Zama discovery. As Catcher builds up to 60,000 bopd, 2018 will bring higher production and cashflow, continuing the debt reduction programme. Alongside this, our portfolio of future projects is being progressed for selective investment and further growth."

some tips are saying buy, but just to much debt for me, s/p @ 95p BB

http://www.malcysblog.com/

Oil price
Not much to add, the EIA stats were better than expected, a draw of 4.9m barrels v 3.4 guesses but not quite as impressive as the API numbers. Nevertheless crude is slightly better again this morning with $70 Brent within reach…
Premier Oil


A trading and operations update from Premier this morning which continues in the vein of operational excellence which has characterised the company for the last two months. The feature today is Catcher which came onstream on Dec 23rd on time and under budget and is already doing very well. Starting at 10/- b/d it is now up to 20/- b/d and speaking to TD first thing I get the impression that the first two wells are being tested at very good rates indeed. This month means testing of the facilities and of course with flaring restrictions production is held back, but by the end of January expect a significant increase, at $69.20 things are very pleasing.
Elsewhere very much as expected, Zama will be appraised this year and next and Tolmount development sanction is expected this year as well. At Sea Lion progress with contractors is gathering pace and debt is being processed, sanction here is planned by the end of this year. (See RKH below)
Financially things are of course looking up, opex this year will be $17-18, capex of $300m and with the healthy oil price and positive free cash flow, debt repayments are accelerating and the total is now , only, $2.7bn. The shares have had a great run having doubled since the summer and the slight dip this morning appears somewhat churlish by the market but I’m still very happy to keep them tucked up in the bucket list.


Rockhopper Exploration
Rockhopper has announced a corporate update, timed clearly to be in tandem with Prems as the subject is primarily Sea Lion. Phase 1 continues to move towards sanction later this year with work in the last few months concentrating on the commercial, fiscal and financing elements required to secure the $1.5bn capex ahead of first oil. LOI’s are being signed with contractors for provision of well services, logistics and vendor financing which must be good news . For both PMO and RKH the finance needs to be arranged and I understand things are progressing well on that front. Although debt providers are unsurprisingly cautious after the last few years, the project economics of Sea Lion at around $70 must provide plenty of comfort and it should get away.
Finally at Abu Sennan news on production is good and a ‘full review of its prospectivity’ indicates that there is decent upside and enough to consider further drilling this year.
Finally at Abu Sennan news on production is good and a ‘full review of its prospectivity’ indicates that there is decent upside and enough to consider further drilling this year.

More good news in my eyes

The convertible bonds are capable of being exchanged at any time and are currently trading "in-the-money". With this invitation, the Company is seeking to accelerate the exchange of the Bonds into ordinary shares, which has several advantages for the Company, its shareholders and bondholders:
· The primary purpose is to reduce the Company's indebtedness: the early exchange of the Bonds along with the recent non-core disposals of Wytch Farm, Pakistan, and its interest in the ETS pipeline and the start of production at Catcher, will assist the Company to reduce debt and to impact positively the Company's forward financial covenants;

· It will rebalance the Company's capital structure and should reduce hedging activity in the Company's ordinary shares: the Company's capital structure currently comprises shareholders' ordinary equity plus long term borrowings which include UK retail bonds, senior loan notes, bank debt and the Bonds. Accelerating the exchange of the Bonds will increase the equity base of the business whist reducing outstanding debt and associated hedging activity (short selling) by certain holders of the Bonds;

· The early exchange of any Bonds will lead to a smaller total number of ordinary shares being issued in respect of the Bonds than would be issued if all coupons were paid in ordinary shares and the Bond were held to and exchanged at maturity;

PREMIER OIL PLC
("Premier")
Catcher operational update
24 January 2018

Premier is pleased to provide the following update on its operated Catcher Area development, which was successfully brought on-stream on 23 December 2017.

The first export cargo of Catcher oil of approximately 500,000 barrels was lifted yesterday, earlier than anticipated, and has been sold at a premium to Brent. The second cargo, which is scheduled for the third week of February, has also been sold at a similar premium to Brent.

To date, four production wells - two from the Catcher field and two from the Varadero field - have been brought online. Initial rates from these four producers totalled in excess of 60 kbopd and, as planned, these wells are being deliberately constrained at an average of 20 kbopd whilst final commissioning of the gas processing modules on the FPSO is completed.

Performance of the BW Catcher FPSO has been excellent with high operational uptime. Commissioning of the water injection system has been completed. Gas commissioning is progressing well with the gas import/export pipeline now fully open to the SEGAL pipeline and booster compression test runs successfully concluded. The next stages of gas treatment and export compression commissioning will now follow with the switch to fuel gas for the main power generation and ancillary boilers set to commence this week. Once the gas systems, including gas export, are fully available, production will be brought on-stream from the Burgman field and full production from the Catcher Area is planned to increase to 60 kbopd. This remains on schedule for Q2 2018.

StockMarketWire.com
Premier Oil said the company and partners had been awarded an exploration licence off the coast of Indonesia.

The Andaman II licence is located in the under-explored but proven North Sumatra basin offshore Aceh.

Premier said it had identified numerous prospects and leads and planned to acquire 3D seismic in an initial three-year term.

'This award is in line with Premier's strategy of targeting low commitment high impact exploration in proven hydrocarbon provinces and has the potential to deliver significant organic growth opportunities for our existing Indonesian business in the longer term,' chief executive Tony Durrant said.

StockMarketWire.com
Premier Oil reported production of 75 kboepd (2016: 71.4 kboepd) in the year to 31 December.

OPERATIONAL HIGHLIGHTS
- Catcher first oil achieved in December, on schedule and under budget

- Tolmount funding secured

- World class discovery offshore Mexico, estimated 600mmbbls (gross)

- $300m of non-core asset disposals

- Reserves and resources of 902mmboe (2016: 835mmboe)

FINANCIAL HIGHLIGHTS
- Comprehensive refinancing completed; cash and undrawn facilities at year-end of $541.2m

- Cash flows from operations of $496m up 15% (2016: $431.4m)

- Opex of $16.4/boe, maintaining low cost base

- Development and exploration capex of $275.6m, down 58%

- Positive free cash flow of $71.2m, net debt reduced to $2.7bn

- EBITDAX increased to $589.7m (2016: $494.1m)

- $253.8 million post-tax loss after previously disclosed impairments and refinancing costs

2018 OUTLOOK
- Production guidance of 80-85 kboepd

- Opex and capex guidance of $17-18/boe and $300m, respectively

- Catcher expected to reach 60 kbopd (gross) in April ahead of plan

- Tolmount project sanction anticipated

- Material progress on Sea Lion towards final investment decision

- Zama: rig contracting in progress for 2H appraisal

- Significant covenant headroom forecast by year-end

- Rising free cash flow, driving debt reduction through 2018 and 2019

StockMarketWire.com
Premier Oil said it had been awarded three exploration blocks in a Mexican allocation round, two for which it held 100% stake and another in which it had 30% ownership.

The company was awarded 100% of Blocks 11 and 13 in the 'highly prospective' Burgos Basin and 30% of Block 30 in the Sureste Basin, which it would explore with operator and joint venture partner DEA and second partner Sapura Energy.

'The outcome of this highly competitive licensing round is a fantastic success for Premier and its partners,' chief executive Tony Durrant said.

'We are delighted to have been awarded Block 30, the most contested block in the round.'

'This award increases our footprint in the prolific, shallow water part of the Sureste Basin.'

'The award of Blocks 11 and 13 provides us with a low cost entry into the Burgos basin, where we will look to repeat the first mover advantage we enjoyed in the Sureste Basin with the Zama discovery'

'The awards significantly enhance our existing acreage position in Mexico and have the potential to deliver significant organic growth for our business in the longer term.'

Heads up!

Looks like a breakout

StockMarketWire.com
Premier Oil said its was on track to meet its full-year production guidance despite output slipping in the first quarter.

In the three months through March, the company produced 74,000 barrels of oil equivalent per day, down from 81,200 on-year.

It pinned the fall on the sale of Wytch Farm, a planned shutdown at the Huntington field and natural decline across the portfolio.

The decline was partly offset by the commencement of Catcher field in the North Sea and the company kept its full-year guidance of 80,000-to-85,000 boepd.

since heads up we are nearly 60% up

No reason why rise will not carry on unless oil price falls

At AGM they said they had tested catcher at 80,000 barrels a day and all was fine so more testing and a few tweaks.

www.proactiveinvestors.co.uk/companies/news/197185/barclays-upgrades-premier-oil-as-stronger-crude-price-eases-debt-concerns-197185.html

Barclays upgrades Premier Oil as stronger crude price eases debt concerns
Share
10:28 17 May 2018

Premier Oil shares advanced on Thursday after yesterday's trading update and an upgrade from Barclays

Barclays has a 145p price target, suggesting some 22% upside to the current price – Premier shares, meanwhile, advanced about 5% to 118p.

READ: Premier Oil’s Catcher field ramp-up continues
It comes as Barclays analyst James Howie revised a number of exploration and production companies, in the wake of the strengthening crude price.
Howie, in a note, highlighted that as better prices boost cash flow, it will be the debt-levered oil producers that should benefit most. Barclays’ new Brent base case is now fixed on US$65 per barrel, up from US$60.
Specifically, for Premier Oil, the analyst believes Brent crude prices at around US$70 through 2018-19 will remove any remaining balance sheet concerns and it will allow the management team to focus more on growth projects.

PREMIER OIL PLC
("Premier")
Inclusion in FTSE 250 Index
31 May 2018


Premier announces that it has been notified by the FTSE Group that it will be joining the FTSE 250 Index with effect from Monday 18 June.