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

StockMarketWire.com
Premier Oil said the Zama-1 exploration well in Block 7, in the shallow water Sureste Basin, Mexico, was spudded on May 21.

This was the first exploration well to be drilled on acreage awarded in Mexico's first international licencing round in 2015.

The well's principal target is the low risk Zama prospect with supportive direct hydrocarbon indicators in the Tertiary clastic reservoirs.

The Zama structure was estimated to have a P90-P10 gross unrisked resource range of 100-500 mmbbls.

The well was expected to take up to 90 days to drill both the Zama prospect and the secondary target, Zama Deep, at a total cost to Premier of $16m.

The partners in Block 7 are Talos Energy (operator, 35 per cent), Sierra Oil and Gas (40 per cent) and Premier (25 per cent).

PREMIER OIL PLC
("Premier")
Significant new oil discovery offshore Mexico
12 July 2017

Premier, together with its joint venture partners Talos Energy (Operator) and Sierra Oil & Gas, is pleased to announce that the Zama-1 exploration well in Block 7, offshore Mexico, has made a world class oil discovery. The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico's history. Premier holds a 25 per cent interest in the block.

Preliminary analysis indicates:

·
Initial gross original oil in place estimates for the Zama-1 well are in excess of 1 billion barrels, which could extend into a neighbouring block

·
A contiguous gross oil bearing interval of over 335 metres (1,100 feet), with up to 200 metres (650 feet) of net oil bearing reservoir in Upper Miocene sandstones with no water contact

·
Initial tests of hydrocarbon samples recovered to the surface contain light oil, with API gravities between 28° and 30° and some associated gas

The well spudded on 21 May 2017 utilizing the Ensco 8503, a moored floating drilling rig. Located in 166 metres (546 feet) of water and approximately 60 kilometres (37 miles) offshore Dos Bocas, it has reached an initial shallow target depth of 3,383 metres (11,100 feet). The Operator is currently setting a liner to protect the discovered reservoirs, prior to drilling deeper exploratory objectives to a total vertical depth of approximately 4,200 metres (14,000 feet).

Tony Durrant, Chief Executive, commented:

"We are delighted to be announcing this significant new oil discovery offshore Mexico. We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier's portfolio of assets worldwide. It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico.

The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico and we look forward to working with the Government and our partners to realise the full potential of this exciting discovery."

PREMIER OIL PLC

Trading and Operations Update
13 July 2017

Premier provides an update on recent operational activities and guidance in respect of its half year financials to 30 June 2017. The Group's Half-Yearly Results will be published on Thursday 24 August 2017.

Highlights

· World class oil discovery made with the Zama-1 well offshore Mexico, as announced yesterday

· Strong production ahead of guidance at 82.1 kboepd, up 34.5% on prior corresponding period; full year guidance of 75 kboepd maintained; will be reviewed on completion of the summer maintenance period

· $14.7/boe operating cost, 11% down on the prior period; full year capex guidance reduced from $350 million to $325 million

· Catcher on schedule for 2017 first oil; FPSO mechanically complete and final commissioning is well advanced prior to sailaway to the North Sea

· FEED for the Tolmount project is ongoing; discussions with an infrastructure partner to fund Premier's share of the development are at an advanced stage

· Refinancing is expected to become effective 28 July; all shareholder and lender approvals have been received and a final Court Scheme sanction hearing is scheduled for 18 July

· Positive cash flow in 1H, in line with guidance, reducing net debt to $2.7 billion; deleveraging will accelerate as Catcher completes and proceeds are generated from our disposal programme

Tony Durrant, Chief Executive, commented:

"The very exciting exploration success in Mexico comes on top of another strong operating performance for Premier in the first half. Our producing assets are outperforming and our cash costs are below budget. Catcher will provide another step up in production and cashflow, accelerating debt reduction. Our substantial undeveloped resource base, now enhanced by the Mexican discovery, provides Premier with significant growth opportunities."

StockMarketWire.com
Premier Oil said the Zama-1 exploration well offshore Mexico, completed drilling operations in the final hole section, reaching a total depth of 4,108 metres (13,478 feet).

The logging results confirmed the previous hole section reached the base of the reservoir section, with an oil-down-to in the well of 3,380 metres (11,089 feet) with no subsequent penetration of an oil-water-contact.

The well drilled deeper into the Zama Deep target and no additional hydrocarbons were encountered, confirming pre-drill expectations for this formation. Premier's estimate of the initial gross oil in-place volumes for the reservoir is, as previously announced, in excess of 1 billion barrels of oil.

The gross oil bearing interval in Zama-1 is over 335 metres (1,100 feet). The well was completed on time and budget and has been suspended as a potential producer.

Premier, together with its joint venture partners Talos Energy (Operator) and Sierra Oil & Gas is now undertaking analysis of all the data gathered from the Zama-1 well and evaluating the best way to appraise and then develop this world class discovery.

Anoa development well (WL-5X) In Indonesia, the Premier- operated Anoa development well (WL-5X) was completed and the well will be brought on production in early August.

The well achieved an equipment limited flow rate of 28mmscf/d, significantly higher than the 18mmscf/d rate achieved with the original well test, and estimated reserves for this well alone are approximately 75-100 Bcf.

The outcome of the long-term production test from this well will help to prove up the production contribution from the deeper zones within the Anoa field.

Catcher development drilling On the Premier-operated Catcher project the current well, a Burgman field injection well (B12) was drilled and is currently being completed.

This is the last of the twelve wells scheduled for completion pre-first oil.

As with other wells in the programme, the well is currently ahead of time, under budget and with reservoir result ahead of prognosis.

Ten of the twelve wells have been tied in, with the final two tie-ins scheduled ahead of first oil from the field.

Once the current well is completed, the Catcher project will have delivered four wells on each of the Catcher, Varadero and Burgman fields ahead of schedule and the rig will then be moved back to Catcher at the end of August for the next batch of four production wells.

StockMarketWire.com
Premier Oil delivered record production of 82.1 kboepd, an increase of 34.5% on the prior period (1H 2016: 61 kboepd)

OPERATIONAL HIGHLIGHTS:
- Catcher FPSO sailaway to North Sea imminent; positive development drilling results

- Heads of Terms signed for new infrastructure partnership for Tolmount project

- World class Zama oil discovery, offshore Mexico

- Disposal programme ongoing, including potential sale of interest in Wytch Farm field for $200m

FINANCIAL HIGHLIGHTS
- Cash flows from operations of $292m (1H 2016: $108.7m), up 168% on prior period

- Opex of $14.7/boe, down 11% on the prior period

- Positive free cash flow in 1H, reducing net debt to $2.7bn

- Profit after tax of $40.7m (1H 2016: $167.1m including one-off non-cash credits)

- Comprehensive refinancing completed

OUTLOOK
- 2017 production guidance increased to 75-80 kboepd, from 75 kboepd

- 2017 opex guidance of <$16/boe maintained, capex guidance recently lowered to $325m

- Catcher on schedule for 2017 first oil; improved field production profile now anticipated

- Further debt reduction forecast at year end at current oil prices including effects of ongoing planned disposals

- Debt reduction accelerating once Catcher on-stream; targeting leverage ratio of 3x EBITDA by end 2018

Analysts at Jefferies upgraded their view on shares of Premier Oil even as they marked down their medium-term Brent oil price deck assumptions. In their view, the improvement in Premier was accelerating given multiple recent events including a production increase, Catcher plateau increase, Zama discovery size increase, Tolmount funding agreement and the Wytch farm asset sale.

That combination of events led the broker to boost its target price for the shares by 32% to 90.0p, even in the face of its downward price-deck revisions for Brent oil.
Jefferies took down its 2017 Brent price projection from $55 a barrel to $52, that for 2017 from $64 to $57 and that for 2019 from $67 to $60.

In particular, the broker emphasised that, unlike at other levered UK peers, Enquest's debt refinancing was now complete. Furthermore, and acting as a catalyst, ramp-up at Catcher was ahead and after just one well the Zama discovery in Mexico - at 600bn barrels of oil - appeared simply "world class".

Decided to buy a few of these today as oil price moving back up and catcher on tap soon all looking very promising.

StockMarketWire.com
Premier Oil's production has averaged 76.6 kboepd year-to-date and the company said it is on track to meet its previously increased full year guidance of 75-80 kboepd.

The planned third quarter maintenance has now been completed. The group's disposal programme is ongoing, including sale of Wytch Farm field for $200 million.

Operating costs for the full year are forecast to be around $16/bbl with a gross G&A of $150 million, while development, exploration and abandonment expenditure is expected to be $300-310 million, down from previous guidance of $325 million.

Net debt was $2.8 billion at 30 September.

Having been in the oil bizz for 40 years (albeit not in exploration) I can only say that offshore exploring is going to lose hands down to shale oil as they can "blow you out of the water" whenever they like!!!- if you do not think so ask OPEC members who at last are coming to their senses and are virtually waiving white flags.

PREMIER OIL PLC 
("Premier")
Update on the Sale of Wytch Farm
  20 November 2017
 
Premier is pleased to announce that it has today entered into a sale and purchase agreement to sell its interests in Licences PL089 and P534, containing the Wytch Farm field, to Perenco UK Limited on materially the same terms as have been previously disclosed in an announcement released on 12 September 2017 and in a trading update released on 16 November 2017. These include unchanged cash consideration of US$200 million and the release of Premier from letters of credit totalling approximately US$75 million (the "Disposal").
 
As the Disposal constitutes a class 1 transaction for Premier under the Listing Rules, a circular setting out further information regarding the Disposal and containing the Notice for a General Meeting is expected to be posted to shareholders tomorrow.

PREMIER OIL PLC
("Premier")
Catcher Area First Oil
27 December 2017
Premier is pleased to announce that first oil from the Catcher Area was safely achieved at 15.45 hours on 23 December 2017.
Initial stabilised production from the Catcher field will be at an expected rate of around 10,000 bpd. This will be ramped up in phases with production from the Varadero field followed by the Burgman field, as previously guided. The phased approach allows for management of the well stock whilst commissioning of the gas processing modules and full water injection systems on the FPSO are completed. Production in the Catcher Area as a whole will increase to approximately 60,000 barrels of oil per day during the first half of 2018, adding 30,000 bopd (net) to Premier's daily production.
A short brochure containing more details of the Catcher Area development is available on the Company's website www.premier-oil.com

Tony Durrant, Chief Executive, commented:
"Delivery of first oil from the Catcher Area represents a significant milestone for Premier. I congratulate and thank all our colleagues, partners, suppliers and regulators who have played such an important part in successfully delivering the project on schedule and almost 30% under budget. Catcher is an example of Premier Oil's capability to deliver full cycle FPSO projects from exploration through to production. As production ramps up in the first half of 2018, the increased cash flows will play an important role in Premier's plans for debt reduction. The Catcher Area project also demonstrates Premier's continuing commitment to invest in the UK."

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