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

Off 11% today.

Think it has further to fall.

Operational update

makes a change of late to see a positive rns from pmo

Yes - off the highs now.

Barclays Capital Overweight 67.08 190.00 190.00 Reiterates

Deutsche Bank Buy 67.08 215.00 140.00 Reiterates

Premier Oil - time to catch this falling knife?

68.65p +4.50p

Some interest on the stock today though oil price hardly move today
OPHR is also on the rise as it is the rest of smaller companies though not as much on % terms
share price performance: the difference of having a big debt to a big cash on the balance sheet


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Members Primate Gallery

interesting that yet again today both TLW and PMO are having really strong days, albeit from pathetic base lines

crude is up but not by much

Believe that a.o PMO has hedged 2016 production -a long time ago-at $75/80 p/bbl on futures mkt-if that is the case then the dramatic fall in sp is greatly overdone as in my humble opinion we will see a (modest?) rebound in crude lvls during 2nd h 2016 due OPEC members putting pressure on Saudi

but don't forget iran coming on stream

Difficult to gauge how Iran envisages to plug holes in balance of payments but am sure that they can work out that -revenue wise- 2x$30 p/bbl equates to 1x$60 p/bbl ( i believe my sums are right...lol)

Trading statement from PMO on Thurs 12th Nov.

Premier today provides the following trading update for the period 1 January to 31 October 2015.

Highlights
· Production averaged 57.5 kboepd year to date; ahead of full year guidance of 55 kboepd
· Solan on track for first oil before the year end, subject to weather
· The Catcher project remains on schedule and on budget; successful 2015 subsea programme completed; initial development drilling results encouraging
· Pre-FEED work on Sea Lion complete, world class preferred contractors selected
· Cost reductions of over 25% delivered for 2015 in operating costs and G&A spend; further cuts forecast for 2016
· Significant liquidity with cash and undrawn bank facilities of $1.2 billion; year-end covenant headroom forecast to be in excess of $700 million

Tony Durrant, Chief Executive, commented:
"Premier continues to benefit from stable production and valuable hedging contracts. Commissioning on the Solan project progressed well during good autumn weather and the field remains on track for first oil by year-end. The Catcher project is on schedule and on budget. Looking ahead, we see reduced capital expenditure and significant cost reductions for both our current and future projects to mitigate the current oil price environment."

http://www.moneyam.com/action/news/showArticle?id=5151736

StockMarketWire.com
Premier Oil has agreed to sell Premier Oil Norge AS, which comprises all its Norwegian assets, to Det norske oljeselskap ASA for USD120m cash.

Proceeds would be used to pay down the Company's debt and represents another step in Premier's previously stated programme of portfolio management.

The transaction is subject to the receipt of government approval and is expected to complete by year-end.

Multi-year low
2517

Lots of re-financing next 6 months for many of these indebted oilers and you can't see the banks wanting out but blood. Carnage ahead sadly for oilers.

Getting hammered some more as is TLW

Crude about to drop below $40 pb might have something to do with it!

Yes HARRY and despite the fact they bounce big when they do i have lost the bottle to play any small oilers at the moment , which ones will go to the wall.

new low.

Nice to see your cheery posts first thing in the morning mitzy! ;o)