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I've had it in a down channel for the last 55 days. (it's gone down 42 out of those 55). Looks like it has finally busted out. Prison bars are gone, time to fly.

Looks like PMO has just busted out of its channel. Can this do the same?

Did anyone see the 35% spike on RR yesterday at 3.30pm. What was that all about? Was that MMs? I'm curious to know if they would have that power for something with so many shares in circulation and a 9b mktcap.

It'll be up until Friday when the rig count will show a marginal increase as has become the norm of late. Friday has been very frustrating as the rig count doesn't contain the detail needed. Some of these shale rigs only pump 100 BPD. In no way should rig count rises offset the API/EIA numbers which show ultimate output/reserves.

Great explanation. Thanks for the clarity.

I agree. The company seemed in good shape a year ago. Paying down debt, the Zama sale. Covid has completely screwed things. With this deal (and the vote needed to push it through) we go in to a holding pattern again. We have felt in one since the BP announcement and the subsequent creditor approval, ACRM court case etc. I am getting worried PMO will miss any oil bounce.

Many people in oil, me included, are in because of it's chance as a recovery play as Covid plays out. Oil was up today but PMO was not. With oil still rising, tomorrow is a big day. If PMO does not rise then I think investors that stick with PMO long term may well see themselves missing out on benefiting from potential oil recovery. Maybe this Cry deal is good long term but if we as investors miss out on oil recovery in the short term then what is the point. Oil recovery could easily double or triple oil company share prices, will the Cry deal lead to that? If PMO does not reflect oil prices anymore I'll be shifting elsewhere. No one seems to know the value of this deal. The share price is definitely not indicating it is positive other than for survival.

Makes sense to me. This is effectively a buy out. There has to be a premium on the price of Premier. Premier share holders (PI, II) get the vote on whether the deal goes ahead. There has to be a sweeter.

I'm in here for a small punt.

The full cinema release schedule is on this site - https://www.launchingfilms.com/release-schedule
It defo looks thin at the moment. It's going to be a slow build IMO. I'm in the industry and there is usually at least a big release every other week, often more.

4th Sept Mulan
16th Sept Bill and Ted
9th Oct Death on the Nile
12th Nov Bond
11th Dec Peter Rabbit 2

A few slots with marque film unanounced over this period too. Don't think there are enough big releases to get people back in the habit yet. Bond and Xmas likely game changers.

BTW for anyone who thinks Covid is done needs to head in to town. I'm in central Sheffield and there is barely a soul about.

This update has been a huge relief. Looking at BP, RBSA, TLW, Shale reporting for ENQ to make enough cash to pay down any debt shows they are doing well. Puts these others in the shade. As someone else said it is a POO recovery play but the whole industry is. ENQ seem guaranteed to survive. They have battened down the hatches, being nimble enough to shutdown high cost wells and when POO rises they will be in a great position to look to the future. It a long term hold but at least there is a long term for ENQ.

Not me that would be too sensible.

What kind of vehicle would you equate this to.

I've never had debt and the merry dance Premier is in seems like my mate who is always juggling his debt, hoping one day he is out of the mire. P***ing his wealth in banking fees. In Zama they have the equivalent of a limousine taxi in LA but they are having to off load it because they are up to their necks. But then, because they are up to their necks, they have to raise cash to buy Andrew's which is like an old Tuk Tuk getting fares in Calcutta. But at least it runs and it can be used now.

At some point Premier have to knuckle down with what they have, consolidate, work hard, accept the long haul. Not borrowing from Jimmy to pay Bob. It's all seems a bit Wonga to me.

The buying of Andrew's on paper looks like a good deal and I agree with everything you've written and remain cautiously optimistic that it will get us on the level. Also that the credit extension to 2025 means long term survival. However every RNS seems like another load of wheeler dealer shenanigans. Will PMO ever be a simple company that produces oil and sells it? Their RNS's sound like those you'd get from a bank.

75 million off market cap so far this morning.

Thanks for doing this Tony.

I'm a long term lurker minimal poster.
Any coming Ntomme update could put the fear in to the shorts. That is what is needed. The 'potential' for good news. The last time was in the run up to Opec in June and watching the SP drift since then has been agony.

Other than PFC TLW has been my bete noire. Taking a big hit since the rise of Shale from 2012 on. Unfortunately TLW feels like it is more in to real estate (buying patches of earth) than oil and that is haunting the company at present. Averaged down at 9p thank the lord.

Once again thanks for getting the update.

I think that'll be it. 3 times price. This is a company where most of its oil is stuck in the ground and it is very apparent it hasn't the resources to exploit the patches of earth it has claim to. I do think NTomme is a big move as it'll go from a net cost to a net positive, but there doesn't look like many of these on the near horizon.

I am committed to the long run but this last month has felt long and a true patience tester. As oil has slowly crept up (and it has) the SP has slowly crept down.

I'm with you that impairments are non cash so irrelevant in current environments. A bit disappointed no update on explorations drills (no news flow) but NTomme is the big give. What are perspective bpd on that?

I know what you mean. Oil now up 3.8% on the day. From 40 to 42.5 roughly. If TLW averaging costs of 35$ a barrel. They are clearing an extra 50% profit on each barrel as a result of today's rise. Struggling to see sense in this stasis.

Oil up 3.3% on the day.