Premier Oil Share Chat (PMO)

Proposed Acquisition :
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11262717
Didn't see this one coming and thought they'd expand on their North Sea acquisitions. Bold move.
Trading & Operations Update :
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11262794

PMO farm into Rockhopper's Sea Lion approx 1bn for 60%!

Good for you. I've probably got enough of these now and happy to hold. Will be interested to see what kind of divi they are going to pay out and to see what the trading update on Thursday says all the same.

I was beginning to think that I had got the timing wrong when I bought into this 3 weeks ago, but the sp has picked up nicely. Brent crude is back over $100 due to Iran tensions so that should add support in the short-term, and global indexes are showing signs of some confidence returning.

On the exploration and appraisal front, 11 wells will be drilled in the remainder of 2012. Following the successful result from the Carnaby well in the North Sea, in which the company has a 50% interest, the group will move to drill the nearby Coaster target (50% interest). It is still in the process of drilling the Benteng well in Indonesia (30% interest), a 76 million barrels of oil equivalent prospect. The group has made applications for 15 licences in the UK’s 27th licensing round. Applications were also submitted in the second Cyprus licensing round. The company has a strong balance sheet with which to fund its planned activity with cash and undrawn facilities of $1.5 billion.

Buy Premier Oil ahead of anticipated progress on development projects in 2012. This should allow a medium-term production target of 100,000 barrels of oil equivalent per day (boepd) to gain in credibility. As this happens a 27% discount to a 475p net asset value (NAV) per share should close. This is the NAV per share figure estimated by broker Davy. The company reaffirmed the 100,000 boepd target alongside last month’s operational update (17 May).

The £1.7 billion market cap continues to make steady progress with its development assets in the North Sea, Huntington, Rochelle and Solan - with the first two of these three fields due to come on stream in the fourth quarter. Management’s guidance for the current year is for average production of 60,000-65,000 boepd with a targeted exit rate of 75,000 boepd.

Premier Oil fell after plugging and abandoning two exploration wells. The Coaster exploration well in Block 28/10 (UK) was found to be a "dry hole", while the Benteng-1 well (Indonesia) was labelled as "a small but potentially commercial oil discovery."

Lights are on but no-one's home. Don't you just love the oasis of peace and calm here unlike on the bbs of these ramping and deramping Aim's oil boards. LOL http://www.investegate.co.uk/Article.aspx?id=201206250700090074G

The 'high risk' Coaster drill which should have taken circa 20 days has finished drilling in half that time. Coaster's rig (SEDCO 711) is scheduled to be moved from Coaster on Saturday (23rd) and handed over to Talisman.
Doesn't look too promising resultwise so we can expect an RNS giving details of the result. ATB