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

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

lol! ..... just shows what i know .... market seems to love both the results and the rights issue ...... sp opened around 960 and i momentariuly thought of buying ... spent a few mins on my e-mails and behold sp is 1040!

have rashly bought back in, partly (mainly?) through pure greed and partly because sp has now surged through 200 dma resistance

Market seems to do the opposite of what it should be doing which along with the rise in some tiddlers, suggests to me that this is a bottoming process. Go with the trend is the order of the day.

decided to take a modest but very acceptable profit ..... shall now watch to see what happens next

seems to have stabilised well at around 1042, so with NY opening quite strongly, assuredly helped by strong durable goods orders, there could well be more profit to be made (and banked)

The rights issue here is well worth taking up, 4 for every 9 held at.... wait for it :...485p !, by my book that's cheap !.

PMO has taken a big knock off today

seriously annoyed with myself ...... noted that sp hit 200 dma and then started to bounce but have been too busy to put in order

I think it is to do with the ex rights issue (a bit like exdividend) ....might be mistaken though....I'm taking up my share...485p....cheap at that price !.

not yet xr i'm sure

Looking at the rights issue price : my conclusion is that the shares offered were incredibly cheap....485p now worth 1100p plus.....that doesn't come along too often !.

Premier reported today a flow rate of around 3200 bopd and 8.1 million cf gas from the Red Emperor wildcat well in Block 07/03 offshore Vietnam. RBS reckons it adds 15 to 20p to the NAV per share as well as another 15 to 20p for unrisked potential elsewhere on the Block. 3D analysis will proceed to assess the size and commerciality of the discovery. A further well is planned for Q4 2009.

Premier will hold 30% equity presuming the Vietnamese government exercises its right to farm-in.

http://uk.reuters.com/article/idUKLO68878320090624

Great discovery in Norway with probably lots more to come !, but the market conditions dictate that the sp drops...!.

for no good logic, i tend to link PMO and TLW together ..... of the two, my choice would be TLW as it keeps bringing home the bacon, so to speak ..... in fact, though sp (TLW) dropped sharply this morning, their trading statement was about as strong as it could be, and i actually bought more, making me badly o'weight

Sold out of TLW at 938p....earlier....great company..will be back again sooner or later....still in PMO..

i must have bought your old shit then - lol!

Broker note from Oriel:
Premier Oil* (PMO, BUY, 1159p) - Farm-in to Oates North Sea prospect
Premier has announced that it has farmed-in to Serica's Oates prospect in Block 22/19c in the Central North Sea.
The company will take a 50% stake and operatorship by paying the costs of an exploration well on the prospect, estimated at cUS$20mn. Subject to rig confirmation, it should be drilled in Q2 or Q3 this year
Given the amplitude support and nearby analogues, the chance of success is estimated at c30%. There is follow-on potential in the event of success with the nearby Bowers prospect estimated at 10-65mmboe in size.
An oil discovery would be worth c200p/sh (unrisked) while we estimate a gas/condensate find would be worth c120p/sh based on our current long-run gas price assumptions (55p/therm). On these values, this well is likely to be the highest impact prospect in this year's drilling programme
The farm-in looks a sensible one for Premier, building on its core position in the Central North Sea post the Oilexco acquisition and targeting exploration prospects with similar technical and geological attributes to those in its existing discovered resource base
We retain our BUY recommendation on the shares. They have been weak recently, not helped by technical selling as the stock exits the Hoare Govett index, but the shares remain good value trading at material discount to our NAV of 1399p/sh excluding exploration upside"

almost unbelievable, but latest rns shows PMO have picked up another dud, this time in north sea .... i think that's the 6th one on the trot ..... as a long time fan of this outfit, sure glad i don't currently hold