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Is that price for 98 Ron?
I hate to say it but the hedges are of no use if PMO cannot sell their oil owing to excessive pumping by SA, Russia and the USA. The tanks are full and sales are low. My local Tesco has a 106.9 pump price.
Thank you all very much for responding, on balance I think the post reminding us that much of the production has been hedged is key. The other consideration is how long will the Saudi's keep pumping? I think PMO will survive, is it yet a strong buy? No, but it is a brave buy and I am tempted.
It is obvious ; we are all stupid & we do not know what we are doing .
This from a product of an actor father and an opera singing mother .
World stage Mrs Worthington ?.
I’d rather be drowned in barrel of burning crude than become a swamp dwelling shorter.
why is everyone saying about bail outs if thats the case short those companys ...enq will carry on so will pmo tlw thats another thing
PMO should qualify for the CCFF?
Government refused to bale out Sirus and that was before Coronavirus and opinions aside, that was a brilliant long term, multi billion investment for the United Kingdom. Now owned by the Americans.
So on that basis I do worry if Giv will even care about PMO. Good news is that social distancing appears to be working. All we need now is Putin and MSM to sort their temper tantrum out and stop this shameful oil war - and at this time or all times
Not sure about the virus killing OPEC looks like they are doing a fine job all by themselves
'PMO will survive. The question is in what form. If this drags on few companies will survive. PMO has great prospects, but high debt. If this goes on for a year or more ...'
If this goes on for much longer, Trump will know that he won't survive politically.
PMO will survive. The question is in what form. If this drags on few companies will survive. PMO has great prospects, but high debt. If this goes on for a year or more it'll need cash, that'll either come from shareholders or takeover. Either way it'll get diluted (but that is a worst case). The Russian game is to play "last man standing". Those that remain after this will be laughing, because this will crush investment and despite the record lows I can see record highs 2-5 years down the road. Shale wiped out, no investment so no new projects, excess stored oil used up and bingo supply shock to the upside. Alternatively the US may get the Saudi's on side and break OPEC. It is economic war.
Surely it depends on UK govt willingness to let/ not let UK energy companies go to the wall. I think the UK govt must be paying a lot of attention to energy independence as a result of Brexit. PMO and Enquest are not insignificant players. And this situation wont last indefinitely.
On the face of it I think that it could/should be possible to get some money from government with low interest to get them through a difficult year or 2 knowing that this couldn't have been forecast even in the worst assumptions of a risk assessment. Government is already planning on supporting other industry groups, so why not the players that make those other groups tick. No energy no economy.
For all interested, read Deutsche Banks recent report.
it covers Coronavirus impact as well as debt levels in the Energy sector. And the predicted impact.
I am in here. but i am also v nervous. Lack of demand & high debt levels. Throw in the price war which is already crippling many, i would expect a few oil companies to go down.
i certainly hope so - i truly hope it survives under new management.
PMO and TLW are probably high on the radar for take over right now, stripping their assets and re-financing their debt. They both have some pretty solid producing / prospective assets.
My money is on survival.
in all seriousness, i have my doubts - depends how long this virus and economic uncertainty goes on - the impact economically is huge, i think even beyond the markets current comprehension. PMO biggest problem (as SK and i been saying for a very long time) is their debt hanging around their neck dragging them down.
The second biggest issue is demand for oil and the outlook is bleak to say the least - reading the reports out this morning. Regardless if SA dn Russia reach some pact (frankly i see it more likely being USA joining with SA and leaving Russia out in the cold).
The third biggest issue is the CEO - the wrong guy for the job - simple. PMO need s dynamic, charismatic CEO with flair, ambition a strong and clear strategy to drive the company forward - its just seems to wallowing along at the moment until TD gets some light bulb moment that he should buy something he cant afford and takes us further into the debt cave.
Finally - corporate debt will be viewed in a whole different way after this virus downturn - governments cant keep bailing out corporates, its just not playing ball and makes the whole corporate world the laughing stock - good companies succeed and bad companies or badly run companies fail - thats how it used to be, why should now be any different and i think this space will be much more strongly governed in the future -
Kept an eye on PMO for years but not been invested for a long time. Appreciate it has oil on tap in the North Sea but significant levels of debt too. In the opinion of the board posters here will PMO survive?
I was tempted to buy at 30p then 20p and now 16p.......where next?