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Premier showing at 12.6p to me. unbelievable as of a week ago

IG have the DOW for telephone trades only and it been like that for hours ,every time the DOW goes down 1179 points it freezes like its at a temporary limit down of 5% . anyone any comments on that? am I correct in that assumption?

LTT, was it really , how funny's that. LOL
your're right though, I feel that there is money to be made soon from all this carnage, however I do feel oil will fall further and maybe there are safer things to invest in for the bounce.
However I don't think I will be doing anything as I have lost so much money on Rockhopper that I have no real appetite for risk anymore.
Good luck with what you decide to do.

LTT ,I am getting tempted to. BUT the problem is that there are far to many variables and unknowns (which we as outsiders have no knowledge of) to make a sensible decision so it just comes down to gambling, and as Clint Eastwood once said "do you feel lucky"

i guess that's what happens when you borrow 2B$, the interest is eyewatering even at 10% its 200M$ a year and I think we are on more than 10%

OK i found this in the 2016 full year report
Net debt at 31 December 2015 amounted to US$2,242.2 million (2014: US$2,122.2 million)
So not that dissimilar to the current situation, which surprised me as they have been paying back a huge amount over the last couple of years.

it was a 25% fall on that day, but was not in it ,so not sure why. oil was $27 ish maybe then.
It did however make a nice recovery from that point , i am tempted here but i'm thinking oil could go down a lot further if no deal is struck.
Do you know what Premier owed back in december 2015? obviously now its 1.99B$

don't see why.

All correct Oillie, and the thing is oil could still fall significantly from here unless Saudis and Russia come to a deal, and look where Premier is on oil at $35 ,20p who knows what it would be if it fell to $27 like it fell to the back end of 2015.

the predictions have come true we are in the 5p range , would never have believed it, nor does anyone else by the stunned silence on here.

Superritch, I feel for you having lost even more than you its a gutting position to be in.
can't really help with your decision, its such a personal thing and dependent on your own circumstances, but you have to ask yourself one thing do you think sealion will go ahead and when?
Everything is dependent on the oil price, end of, which no one in the UK has any control of.
Premier seem to be in big trouble at this level
One one else was interested in Sealion back in the day '2010' so why any different now with oil lower?
the tide is turning for fossil fuels, however they will be around for a long time to come
Oil is in its current state because the world can produce far more than is needed.
I'm thinking that more and more effort is going to be put into renewable going forward.
OM might come good but my thinking is only about what we bought it for.
The BOD have messed this up terribly with some of their decisions and pay themselves handsomely for doing so.
These are some of my thought which made me sell 80% of my holding on Monday.
however i'm totally gutted, 10 years wait to sell out at 7.7p

Thanks for the info somekindofnut,
I am not an accountant so may well have this wrong but it seems to me then after the hedgeof 40%, 60% is currently being sold at a loss.
from the 5th march 2020 accounts:
Premier realised an average oil price for the year of US$66.3/bbl
Production of 78.4 kboepd
Record free cash flow of US$327 million

making FCF of 11.42 per barrel minus the 66.3 makes a break even of $54.87 sounds too high so I may well have this wrong

outbutnotdown, do you have numbers or is that gut feel ?

Premier will not go through with the acquisition now, not with oil this low its financial suicide.
I've been looking at the numbers in the accounts and it seems to me that with oil this low that they can't be making any free cash flow at all presently. do others agree with that ?

The thing about US shale is that it just doesn't go away, what happens is that there is a transfer of wealth from the bankrupt companies ( share holder funds), to a new set of companies that get that asset dirt cheap and then can make a profit when the price rises again, ( if OIL subsequently goes down very low again those share holders loss their money) so it never really gets killed of.

you're right scordedagainsteps, my Spreadbet account went pop today. That's it for me no more shares, have been reducing for years RKH was the last to go, mugs game especially AIM

well jethro, Oil is about $10 of break even now for the sealion project, and although it may come back it will sharpen minds that the saudis can live with oil this low their break even is just a few dollars , and the world is already producing too much. so will it ever go ahead?

don't know IG crashed under the weight of users

Well there will be serious carnage tomorrow now.

Muchaboutmoney, Can we stop talking (dreaming) about payouts of £100m it is just not going to happen ,IMO, a few tens of millions maybe, basically the cost of what we bought the asset for and then we have to give a good chunk of that away to the litigation team, unless our costs are covered by any potential award that might be given.