Wonder if we’ll see a lot of volatility like last time. Could present a good point to buy in if you’re long term bullish on this company.
Sounds like either a major or Chinese company (CNOC or Sinopec maybe?). Either way I think the terms are pretty poor from what I heard of the analyst call, but in an area where Chinese warships can halt your operations permanently, you take what you can get.
BW Offshore would have been a better buy at the 2016 low point than PMO, 0.35 up to 5.44 EUR now. Good to see partner companies regaining strength
Please let’s have a minute silence for DBNO.
ROS1, he used to be bad back in the day, but I agree the past couple of weeks he’s been worse than ever. If all those times he’d spoken of the devil wanting it at 66.6p he’d just bought at that price, he could have sold recently for 100% profit. Good knows how much he’s lost between now and then given his consistently bad calls.
Hope not. Maybe the odd buyback, but with the projects PMO has in the pipeline, I’d rather they stayed growth focused.
Oil rigs down 9 for the week, that’s the biggest drop in a while.
Nothing on that yet Plebeens but will keep my ears out. Comments so far: Catcher: producing very well, all aspects of reservoir performance outperforming forecasts, including connectivity and aquifer support. Current rates (for last month or so) at 64,000 barrels of dry oil per day. Wells can deliver considerably more, as can FPSO with slight modifications, mainly to do with reducing vibrations and I suppose targeting bottlenecks. 70,000 tested and possible. In talks with BW to make these modifications in the future. Plateau expected to be moved up to around 65,000 long term. Reserve upgrades only done once a year, seems a no brainer when that time comes though. Satellite discoveries to be tied back, adding single digit million barrel reserves for very low cost.
Q&A section just starting. Can listen in from premier’s website.
Down, any chance you could tell me which numbers you think WON’T come up in the next lottery? Thanks.
http://www.upstreamonline.com/hardcopy/1560146/premier-in-talks-with-bw-for-sea-lion-fpso
Be nice if they could upgrade catcher reserves. We’ve been slammed by Solan impairments over the last couple of years, be nice to have the reverse of that happen. If not this formal update then next.
Couple months later than planned with FID, but it’s a pretty lucrative project based on everything I’ve read. That’s a lot of gas for a relatively tiny (in greenfield project terms) capex spend. Should provide a decent amount of cash flow in 2021, the same sort of time PMO will be spending big on either SL or Zama (or both?).
Telegraph has a history of factually inaccurate reporting on premier.
I don’t think you’ll ever see PMO debt free, so if that’s a key metric for your investment, I’d steer clear of here. A company without debt is a company without decent opportunities to invest in. If you mean debt down to a more reasonable level, I’d say about 18 months from now, though it will obviously be dropping between now and then.
It is a great film Bulent, maybe I will too.
£5 possible, albeit unlikely, with a lot of luck with Mexico exploration. Remember, other prospects in the Zama block, plus a well to be drilled in our other Talos operated block in the next 9 months. Add in the new block we got in the latest round with a different partnership. If they all come in that could generate huge value. A rule of thumb for exploration wells globally is 20-25% success rate. With Zama proving a prolific oil source rock and DHIs on the seismic, it wouldn’t surprise me if the prospects in Mexico were more in the 30-40% range. Still more likely than not to fail, but with a good number of prospects you stand to find a lot of oil. Other catalyst for £5 would of course be oil heading back to $100 for a prolonged period but that seems unlikely too. Personally I plan to sell the majority of my shares between £1.80 and £2.50, which I’m hoping is by end 2020.
Exploratory Drilling / Plans : Planned: Bacab-1EXP expl CNH-RO1-LO1-A2/2015 (Block 2), offshore Sureste Basin, Talos has modified its expl plans, will now drill this well instead of the Pakal prospect, spud planned Q1-Q2 ’19. Talos (op), partners Sierra Blanca and Premier Oil.
Half an hour later and oil closer to $74 than $70. Unlucky DBNO. Good day today, in the oil days a $2+ drop in oil would send us 5-8% down.
Cheers, good to hear!