Member Info for Bladesman

I said a while ago that PMO needed a change in Leadership or Strategy, or both, to address its languishing SP. Well today we got the change in strategy that was needed ... "Premier Oil surprised markets on Thursday, announcing its intention to sell its stake in the Zama field offshore Mexico in a bid to further reduce its debt pile.Analysts at Jefferies had recently pegged the value of its assets at Zama at $439.0m."
At long last, the BOD have recognised that generating cash and reducing debt was the key thing to do right now , not expending money on exploration costs to get cash years down the line. Well done, BOD.

8m ago 13:31

BREAKING: Key US jobs reports meets forecasts
US non-farm payroll data shows that there were 164,000 jobs added to the US economy in July, exactly as economists had forecast

The June figure of 224,000 was revised down to 193,000.

SK, I admire your confidence, and hope you are correct. But my belief is waning every passing day

or 80p !

Agree, this should not be measured by day changes in SP, but long term. The fact the SP is about the same as it was in Feb 17 says the market is not convinced e.g 19% of stock out on loan atm. Lets see what the market thinks of the half year results.
PS, I am a substantial LTH.

Agreed,TR61, however BP. Enq, and Tlw all down far less than PMO. So, in comparison to peers, PMO is more volatile. One can only summise its leadership or stratgey, or both

Markets dont like the rate cut. Its a red day tomoz for pmo. ??

Agreed, lets not get over excited about 5% in one day , need to be above £1.00 and stay there for a while before we can relax.

So, almost 20 % of the share capital out on loan atm. Convention says that this is a huge bet the shares will go down from here despite all the great fundamentals. During the re finance and convertible bond phase this was explained as a hedge. Now all convertible bonds have beenconverted either in cash or cashless basis, so what's the explanation for shorting now? Anyone know why this shorting strategy, which is huge in volume , makes no sense at all. Pmo is not carrilion or mothercare, or is it? Hmmm, what's going on?

Just a bit more info on how difficult t is to make money in the Permain right now

https://www.rigzone.com/news/wire/permian_needs_9b_worth_of_new_wells-29-jul-2019-159428-article/

Take a look at this rns issued Feb 17. This was when SP was 78 p ! Given the massively improved fundamentals since then, (refinance, Zama, Catcher, debt reduction, increased production) the fact the sp is at the same level now is a scandal. Cant understand why BOD are apparently content with everything. Scandal.

"Premier notes the recent weakness in its share price.

As per the timetable previously guided, the Private Lenders are currently going through their formal credit committee approval process in respect of locking up to the terms of the refinancing and good progress is being made. Premier is also in the process of finalising agreement to the amended terms of its convertible bonds with additional significant bondholders who are also expected to lock up shortly. Premier expects to provide a refinancing update to the market in the next few days.

Current operational performance remains strong with production year to date averaging over 79 kboepd against market guidance of 75 kboepd, which remains unchanged.

Surely, this will be a blue week and, leading up to half year results publication with more sliced off the debt pile , should be heading north of 90p

Interesting article in forbes energy. https://www.forbes.com/sites/rrapier/2019/07/28/a-new-u-s-oil-production-peak-looks-imminent/amp/

Shame PMO not up as much as FTSE today . Odd, because most of this bounce is due to the devaluation of the pound against the dollar and other currencies due to fears over "no deal brexit" .The Increasing value of $ vs £ should do the same for PMO's earnings too which are quoted in sterling,. Just another overlooked aspect of PMOs positive fundamentals

Given the depreciation of the pound a vs dollar and which is expected to continue post brexit isn't this a welcome boost to pmo revenues?

Thanks Jay , much appreciated.

Cheers mate.

To help the less informed, how does one know 82p is the resistance level ! How is resistance created in the first place, and why at certain levels , and what makes it break through other than the obvious ie spike in poo, major discovery etc. Answers on a post card , please !

I bl***y hope so !

yes, I forgot add, major uptick in poo. But with global economy heading for recession/ slow down and USA with its "America first" policy, cant see that coming any time soon, sadly .