Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Hey Happy, I agree that would not be the whole picture for sure, but too be honest was not expecting to get such i.e. whilst talks are ongoing. None the less it does help.
One other interesting artical in oil price news was regarding BP and their intent (or attempts) at diversification
".........The supermajor plans to increase investments in low-carbon businesses to $5 billion annually as part of its transition, stop oil and gas exploration in new countries and reduce oil and gas production by 40 percent by 2030......"
https://www.google.co.uk/amp/s/oilprice.com/Latest-Energy-News/World-News/BPs-Stock-Price-Crashes-To-The-Lowest-Level-In-25-Years.amp.html
Can TD get away with asking for a further 70mil off the asking price....maybe not as far fetched as we think?
Interesting point Andypop made over on ADFN stating ARCM's value of their short is 48milion (just over 6% NOW not as before) balanced against their PMO investment would indicate it would not be in their interests to force PMO to go under?
None the less they (ARCM) are pretty adept at playing the financial game for sure.
Surfit
Thank you, that's very interesting.
However, I don't think PMO are revealing the whole picture. The discussions appear to getting quite fraught. 30th September is a key date.
ARCM are b**stards but they've outsmarted PMO. I'm also sure that PMO's U-turn and sweetheart deal with ARCM p*ssed off other creditors who are now playing hardball, too.
It's hard to know how much of it is just posturing and brinkmanship by creditors, and how much is a genuine hardening of their position.
Oh to be a fly on the wall...
At oil prices around the $40 per barrel PO can easily pay the 8.5 % interest it incurred from lenders.
A good rate of return for their loans, where can they get that rate of return elsewhere without incurring a much higher risk level ?
Tolmount after a lot of capital expenditure is not too far off from pay back time, revenue to help pay off debt .
All changes if oil dips below PO break even. Should we get through this difficulty and board don't learn from their actions of putting the company at risk, it will be time for them to go.
Buzzard I hope your right mate, my average is still up at 40 as I sold my last tranches from 19 before the drop to these levels. I’d like to re add them and bring my average right down but I’m just so unsure of what is actually going on now, as we all are. Some communication from the BoD wouldn’t go amiss that’s for sure. ATB
Rookie understand the frustration but don't lose hope.We are 95% sure that Premier Oil will survive one way or other.There is also the possibly of out right takeover or reverse.I have bought more at this level although still have a very high average.Best Wishes to all holders at this very difficult time.
Mid to late October !? What a ****in shambles there will be nothing left. TD played a blinder here hasn’t he kenni
Hello Happy had an email off PMO, after I asked a few question regarding timings on RI.
As of a few days ago they replied terms were negotiated with a subset of the creditor group representing over 45% of PMO debt facilities.
They stated there is no definitive time frame in which the creditors have to lock up to the terms
But they are are pushing to get to the 75% threshold by the end of the month.
Once they have reached that 75% threshold, they can then set about implementing the proposed refinancing via a court process and, in parallel, launch the equity process both of which have a defined timetable.
They are expecting be in a position to announce the results of the placing and to launch the open offer in mid to late October.
Hope that helps?
Rgds Sft
The things I predicted are coming to pass. I stressed the importance of a waiver extension beyond 30 September and clearly it is of critical importance. It doesn't look like the creditors are playing ball or, are least, they are playing hardball while Premier teeters perilously close to the deadline. I think we will hear more rumours over the weekend as the creditors increase their pressure.
The PMO team are superb tacticians in these situations, generally. But I think this particular one is beyond them.
May well be in the lawyers in-tray before the end of next week imho. Not looking good...
Best
Happy
Thanks for the update Gymking. There is often something in these "leaks" and you can speculate until the cows come home on motives but it may ease a bottleneck. ARCM have (seemingly) played this well. True PMO was overleveraged when oil and Covid collided but ARCM have made commitments/agreements and there are other serious players involved who aren't afraid of ARCM. The offer at 72 seems reasonable and don't forget that ARCM are probably in at a much lower price. ARCM don't hold all the aces and in fact have a rather unwieldy amount of bonds. I thought TD seemed pretty smug and relaxed in the Malcy interview. Recalcitrant holders are being pressed back and it could even be that alliances have moved. It looks like ARCM and PMO need to work with each other. There might even be pressure from other creditors to isolate ARCM but it's more likely that they're arguing over fractions of a percent before confirming refinancing is agreed.
Because TD is selling us out by the looks of it.
Hit the nail on the head AK. There have been a few unofficial leaks this week which doesn't help PMO, they either need to find this mole or beat them to it by being a bit more upfront with shareholders.
If communication was managed a lot better I think the share price would be a little higher, as it would instill a little more confidence about PMO.
Thanks for sharing...
Who’s the source with knowledge of the matter? Is it TD?
Why shareholders don’t know first about these matters?
Not an official statement from PMO but from a "source". Was expecting some sort of news this morning but disappointed we didn't hear anything. Good weekend all and wishing good health.
Looks like we will be waiting a little longer...the saga continues! Sorry if already posted
https://in.reuters.com/article/premier-oil-restructuring/premier-oil-seeks-new-covenant-waiver-extension-source-idUSL5N2GM4PO