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Baysil, PMO has just dropped it's 10% in block2, now Hochki 47.5%, Sierra 27.5% and Talos 25%.
GB1,
With all due respect, that is nonsense.
If TD in his wisdom decides it's in PMO's interest to purchase Chevron assets then there will be no waiting for the SP to reach £1. If a RI is required then that's it. I suspect it could even be considered a reverse takeover requiring suspension of shares as happened with the EON purchase. TD needs to go imo.
GLA
GB1,
Exactly how many shares would need to be issued for that spending spree?
Increased debt would go against their stated aims, to purchase all of Chevron assets would clearly require massive dilution, I'm out for that reason.
Would PMO shares be suspended as happened during the EON purchase?
Supposing there is a massive RI, would this be considered a reverse takeover / require suspension / approval etc?
http://www.premier-oil.com/sites/default/files/presentation/190116-investor-presentation-january.pdf
Typical ST journalism, Chevron has a range of NS assets for sale. PMO may just be interested in purchasing a small amount which align with their current portfolio, why is it being assumed on here that they intend to purchase the whole lot!!
Also, there are various other bidders, likely PMO won't win anyway!!
When is the next FTSE250 review?
What will happen to PMO?
So, who sold on Friday expecting OPEC to increase production and POO to tank?
Brent >$80 on Monday imo.
TCF, as you know, the increase in shorts was reported the day prior to the mandatory bond conversion, as expected bond holders wouldve shorted prior to the conversion knowing shares were to be issued on 6/9/18. Expect a reduction in shorts this week imo.
The Premier Oil-led joint venture owners of the proposed Tuna area gas development in the Natuna Sea off Indonesia have secured a farm-in partner ahead of a planned appraisal drilling campaign, writes Russell Searancke.
Premier said the joint venture had received, and agreed to, the farm-in offer but could not disclose the identity of the farminee until the final contract was signed.
“We have a farm-in offer that we received and has been approved by the partnership and we're in the stages of papering that up. We'll be able to talk more about that I think later this year,” said Robin Allan, Premier’s Director of North Sea & Exploration.
The UK independent has been seeking to introduce a new joint venture partner prior to next year’s two-well appraisal programme.
The Tuna production sharing contract is located about 300 kilometres east of Natuna Sea Block A. The two Tuna discoveries — Kuda Laut (Seahorse) and Singa Laut (Sea Lion) — sit in water depths of up to 120 metres.
The resource size is understood to be about 100 million barrels of oil equivalent.
The joint venture — Premier 65%, Mitsui Oil Exploration 20% and GS Energy» 15% – has provisional agreements with PetroVietnam and Indonesia's upstream regulator SKK Migas to supply gas from the Tuna area to Vietnam, which would require a new cross-border subsea pipeline to connect Tuna to the existing Nam Con Son pipeline system in Vietnam.
Premier chief executive Anthony Durrant admitted the Tuna area was in “a potentially politically sensitive area” being close to the Chinese maritime claim line, and that might have been a restrictive factor for some potential farminees.
“Suffice to say that under the current expectations, the incoming partner is someone that would be very much welcomed by both the Indonesian and Vietnamese governments. And that was an important part of the discussion because that will help to commercialise the resource,” Durrant said.
Evaluation of potential development scenarios is ongoing but an initial plan is understood to involve a fixed platform tied back to a floating storage vessel.
LONDON, Aug 23 (Reuters) – Premier Oil's profit after tax more than doubled in the first half of 2018 to $98.4 million helped by higher oil prices, it said on Thursday, reiterating that it expected output to reach 80,000-85,000 barrels of oil equivalent per day this year.
EBITDA was up by around a fifth at $388.9 million, the British energy company said.
"At current oil prices (earnings before interest, tax, depreciation and amortisation) is expected to increase significantly in the second half of this year," it said.
Premier kept its target to reduce its debt pile of around $2.65 billion by $300 million-$400 million by the end of 2018.
Looking for growth, Premier on Monday approved its Tolmount gas project in the British North Sea, which is expected to produce around 500 billion cubic feet (bcf) of gas from late 2020. ...
Construction for the Tolmount platform is due to start in December, Premier said.
Ningaloo, neither does DBNO understand TA and relies on others lack of knowledge. Everyday simply quoting random numbers yet unable to provide a technical explanation.
RNS Tolmount development sanctioned
20 August 2018
Premier is pleased to announce that the development of its Tolmount Main gas
field has been sanctioned by the joint venture and infrastructure partners.
The Premier-operated Tolmount Main gas field, located in the Southern North
Sea, is expected to produce around 500 Bcf of gas (96 mmboe) with peak
production of up to 300 mmscfd (58 kboepd).
The project entails a minimal facilities platform exporting gas to shore via a
new gas pipeline. The EPCIC (Engineering, Procurement, Construction,
Installation & Commissioning) contract for the platform has been awarded
to Rosetti Marino. Centrica's Easington terminal has been selected as the
host facility and Saipem as the pipeline EPCI contractor. Selection of the
rig contractor for the four development wells is expected imminently.
Premier's share of the capex required to develop this large gas field is
estimated at US$120 million comprising project management and development
drilling costs. The infrastructure joint venture between Humber Gathering
System Limited (a member of the CATS Management Limited group of companies)
and Dana Petroleum will own and pay for the platform and pipeline capex as
well as pay for upgrades to the onshore terminal. In return, Premier will
pay a tariff for the transportation and processing of Tolmount gas through the
infrastructure.
The Tolmount Main project now moves into the execution phase with construction
works scheduled to start later this year. First Gas is targeted for Q4 2020.
The partners in the Tolmount gas field are Premier (50 per cent, operator) and
Dana Petroleum (50 per cent).
Tony Durrant, CEO, commented
"The sanction of our high return Tolmount project marks a major milestone for
Premier and underpins our medium term UK production profile. Tolmount is one
of the largest undeveloped gas discoveries in the Southern North Sea and is,
in barrel of oil equivalent terms, similar in size to our Catcher project.
We have also secured an innovative financing structure for the project which
minimises our capital expenditure whilst maintaining our exposure to the
upside in the Greater Tolmount Area."
Posted by Rationalee on on Advfn
Go-ahead for Premier field Premier Oil will announce tomorrow that it is pressing ahead with the development of its Tolmount Main gas field in the North Sea — one of a host of offshore projects being revived in the wake of the recovery in the oil price. The FTSE 250 company bought its share in the field from rival Eon in 2016, just as the oil price tumbled. The Tolmount field was scheduled to start production next year. Premier now says the first gas will come ashore at Centrica’s Easington terminal on the Yorkshire coast in late 2020. hTTps://www.thetimes.co.uk/edition/business/will-smith-taps-into-water-market-r3cm7qktw
Its nonsense imo, TD commented in interview 2 weeks ago aiming for funding in place by end of year, FID 2019.
PMO/RKH have a good relationship with the FIG and to lose the licence would put the Falklands project back many many years, it simply wouldn't happen. No-one is getting any younger and the FIG need this to move forward as much as RKH/PMO.
V poor journalism.
DBNO,
Seriously, on a daily basis you're just making it up as you go along, absolute nonsense.
Please post a chart / TA analysis to support your guesses.
The conversion was announced in the trading update, was expecting the RNS yesterday.
TD's enthusiasm to increase PMO'S stake in Catcher was clear in interview, whilst again this may benefit in the long term, the raising of funds / dilution would certainly have an impact in the short term.
I would expect news on this front soon, if it were still to proceed.
OUT