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Just my thoughts personally, Mexico is corrupt, high tax, And the low cost per barrel doesn’t make up for The tax advantages and stability of theNorth Sea.
It also cuts capex going forward and will provide cash that’s needed to keep creditors happy with a buffer for these uncertain times.
Just imo, I could be completely wrong
Why sell Zama assets cheap right now if you don't have to .....surely now's the time to be buying bargains ....and keeping what you've got until you can get a good price for them
Hope so kraken, what would the sp head to then? £1 short term imo
I’m sure we will see a RNS stating our interest in Zama has been sold. And I’m sure it will be well in excess of $500m
Tax on oil and gas in Mexico is rediculous, better to cash in and save on capex and focus on North Sea and paying debt down rapidly.
From a recent high of 55p on the 22nd June to dropping to 39p last Friday I would say it's the expectation of a 35p ish fund raiser to support buying the BP assets that's causing the sell down ..... don't see TD selling Zama assets......he's adding to assets by buying BP assets at a good price as a means to improve production and aid a new refinancing deal......
Hell of a deal, transformational for PMO imo. If we sell zama and avoid an Equity raise I’m holding out for £1.50-£2 range as soon as oil touches $60 again but I do think we will be bought out before them prices return.
"If that’s the case then why did the share price jump on news of the revised BP deal?"
Because the market thinks it's a good deal, which it is. It will return value far greater than the price we are going to pay for it.
I reckon Rookie1 is right, Pemex will cough up.
£350m to the Mexicans equates to a couple of truckloads of crystal meth.
Totally agree with that kenni, the RI was an option at £1.20 mark but not at this Level, TD (I hope) has something lined up with regards to zama imo, it maybe a heavily discounted sale price of $300-350M but it pays BP and puts us well in the green for the year.
Pemex will buy zama for $350m you heard it here first ;-)
TD do not want to dilute shares. I am sure now refinance is on the table, he will ask for founds to finance BP. That is only 10% of current debt and a lot of additional cash flow to repay the dept. At lease this is what I would try to do having as many shares as CEO has. Other option I would do is to sell Zuma and use cash to buy BP, or tell debtors Zuma $$ will go straight to repayment BP assets borrowings.
If that’s the case then why did the share price jump on news of the revised BP deal?
This was my calculation at the time of the RNS: ‘USD210 million and is expected to be funded with Premier Oil equity’ $210m = £168m287,700.00 divided into the equity & by current issue = 31.85 pence per share. But there are a lot of unknowns ie number of new of shares & any other account house keeping etc.