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

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 !.

dry wells are always bad news even fotr a company of the size of PMO ..... don't expect a big bounce any time soon, tho i shall probably continue to hold my much reduced holding, partly for the future and partly because there is just a minute chance that a predator will come sniffing

Unless it really drops...I shall stay put.....hope you had a good holiday in France !

Hey !...where's my expected rise this morning ?.....looks like you were right cynic !.

It will come just be patient. May take a few days.

new money into PMO or TLW (if either) ......

PMO
has developed a bad habit of drilling dusters, and has been whacked accordingly and deservedly.
sp is now recovering, but (good news, bad news) still below though starting to challeng all key DMAs.
surely PMO can't keep drilling dusters - or can they?

TLW
though they recently plugged a well, it was not important to them in the scale of things ..... i think their major project(s) are west africa and uganda.
TLW sp has surged through a potential stern resistance of late, but does it have more puff?

Premier looks to have green shoots of recovery now firmly in place.

Some recent broker comment...

Deutsche Bank cuts prices in the oil & gas sector. It cut Tullow Oil price target to 720p from 755p; rating buy, Cairn Energy price target to 2860p from 2895p; rating buy, Dana Petroleum price target to 1335p from 1480p; rating buy, JKX Oil and Gas price target to 365p from 370p; rating buy, Premier Oil price target to 1360p from 1455p; rating buy and Venture Production price target to 425p from 490p; rating hold.

Wish it would recover.

I hold at a higher price!

I think it will DD.

Dollar weakness will lead to switch to oil and gold.

OPEC decision sometime today aswell.

fingers crossed.

Broker forecast very positive...

Premier Oil PLC

FORECASTS
2008 2009
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Oriel Securities
16-12-08 BUY 206.79 80.90 13.05 -35.10

Numis Securities Ltd
05-12-08 BUY

Evolution Securities Ltd
01-12-08 BUY 268.20 114.56 326.43 134.82

Canaccord Adams
21-11-08 HOLD

ABN AMRO
29-08-08 BUY 186.54 106.03 193.38 110.52

Seymour Pierce
16-05-08 BUY 87.07 27.57 101.60 51.21

2008 2009
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 229.33 98.30 193.38 110.52
1 Month Change 2.45 -2.15 11.84 22.94
3 Month Change 5.02 -10.28 -17.18 -2.93


GROWTH
2007 (A) 2008 (E) 2009 (E)
Norm. EPS 4.04% 57.40% 12.43%
DPS % % %

INVESTMENT RATIOS
2007 (A) 2008 (E) 2009 (E)
EBITDA 141.80m 333.16m 371.04m
EBIT 141.80m m m
Dividend Yield % % %
Dividend Cover x x x
PER 14.22x 9.03x 8.04x
PEG 3.52f 0.16f 0.65f
Net Asset Value PS 241.19p 410.76p 732.48p