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

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

Blasting away again, this dana and Tullow have been cracking trades over the last couple of weeks.

And it looks like there could still be a lot left before the Middle east and russian disputes end.

And oil might not pull back even then....as a rebound is in the air !.

Going steady today, but could yet end with a glorious finish.

recent highlights from the Edison broker note...


http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=1648

You cant beat the market so Im out with some good profits.

will return when conditions are better.

loads err money, what a corker this has been over the last few days.

perhaps time to dust this one down ..... relative to TLW (don't ask me why, but i pair them), PMO has performed pretty poorly, mainly i suspect because they have had a string of duff drilling results ...... surely the odds must favour them next time around, mustn't they?

how much more puff left here in the immediate future? ..... 200 dma is now close at hand at the psychological level of 10.00 and figures, undoubtedly good/execellent, due out this coming thursday.

200 dma hit .... big rise over last week .... figures out on thursday ..... surely short odds of a pullback, so have banked that lovely profit too!

makes a change to have got out effectively at the top ..... shall watch for further weakness to buy back in

strong results + acquisition + deeply discounted rights isue

suspect share will get walloped today, but that could be a good chance to buy back in .... not sure of my own views on all the above