Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Summary of Weekly Petroleum Data for the week ending October 30, 2020U.S. crude oil refinery inputs averaged 13.6 million barrels per day during the week ending October 30, 2020 which was 163,000 barrels per day more than the previous week’s average. Refineries operated at 75.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.3 million barrels per day.U.S. crude oil imports averaged 5.0 million barrels per day last week, decreased by 0.6 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.3 million barrels per day, 15.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 630,000 barrels per day, and distillate fuel imports averaged 332,000 barrels per day.U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.0 million barrels from the previous week. At 484.4 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. Total motor gasoline inventories increased by 1.5 million barrels last week and are about 4% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 1.6 million barrels last week and are about 18% above the five year average for this time of year. Propane/propylene inventories decreased by 2.6 million barrels last week and are about 8% above the five year average for this time of year. Total commercial petroleum inventories decreased by 14.7 million barrels last week.Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 10.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 10.9% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 7.3% from the same period last year. Jet fuel product supplied was down 44.6% compared with the same four-week period last year.
Can anyone advise if I might be right with my thinking here? The expected value of 5% of the new company has been put at £130 million. Given that there are currently 831.5 million PMO shares in existence that seems to suggest that PMO shareholders will end up with circa 15p for each of their current shares once the merger is complete? Does this sound right or am I way off beam here? Thanks for any input.
7.2 million draw.
Scroll down a bit to see interesting piece discussing Premier and the impending rights issue.
https://ftalphaville.ft.com/2020/06/09/1591698256000/Markets-Now---Tuesday-9th-June-2020/
It's good if you're looking for the PMO share price to rise and not so good if you're a shorter.
https://uk.investing.com/economic-calendar/api-weekly-crude-stock-656
That's certainly something worth consideration.
You can watch the webinar here: https://www.youtube.com/watch?v=-de1ZRmvjVU
Can someone explain to me why the FCA has not intervened in this matter? They appear to be sticking it's head in the sand. https://www.standard.co.uk/business/hedge-funds-profiting-from-covid19-must-give-more-back-a4415121.html
https://www.proactiveinvestors.co.uk/companies/news/914914/today-s-oil-and-gas-update---premier-oil-valeura-energy-gran-tierra-energy-and-tower-resources-914914.html
“Our take: The Company’s prudent approach to capital discipline has been evidenced by a material reduction in net debt which will be pleasing for shareholders, notwithstanding the planned capital reduction through the anticipated farm-downs at Sea Lion (Falkland Islands) and Tuna (Indonesia). However free cash flows will come under pressure this year given a lower production guidance and recently fall in commodity prices, although Premier is well capitalised to weather the current ‘lower for longer’ oil price curve in our view.”
https://www.asx.com.au/asxpdf/20200303/pdf/44fpqt9rf379q9.pdf (hopefully this will work)
If the stand off between Permex and Talos/PMO does end up in arbitration with the National Hydrocarbons Commission in Mexico, hopefully they will rule in our favour. This article states that Shell was granted approval to start drilling projects just this month. Hopefully this bodes well to show that the NHC isn't just a puppet of the Orbrador Government. https://www.chron.com/business/energy/article/Shell-Plans-Major-Drilling-in-Mexico-But-Oil-May-15084361.php
https://www.offshore-mag.com/regional-reports/article/14168427/global-ep
Thanks for posting that video. Very exciting prospect for PMO.
Could begin by the end of this month...
https://www.energyvoice.com/promoted/223828/88-energy-just-weeks-out-from-drilling-1-6b-barrel-alaskan-oil-target/
(3/3)
The big short motivates the fund to drive down Premier’s shares, critics argue. A sell-off of global claims in the likes of Indonesia, Alaska and the Falkland Islands could then be forced through, funding the immediate repayment of loans – debts that ARCM picked up for as little as 50 cents in the dollar, they add.
Conspiracy theories abound over ARCM’s failure to reveal its big short until December. It crossed the threshold to notify financial regulators in February, and has not touched its big short since last July.
Sources close to ARCM insist this is merely a hedge. And one that is there to protect it against the collapse of a proposed sale of its share in lucrative Mexican oilfield Zama.
Analysts value Premier’s share of the asset – described as Mexico’s most important oil discovery in a generation – at between $300m and $400m, but legal wrangling over the field’s ownership has barred Premier from a much-needed fire sale of Zama.
Last week, Mexico’s state-owned oil company Pemex laid claim to the field which Premier part owns, complicating the sale process which it initiated in 2019. Premier has said that appetite for its stake in the high grade field has been strong. The arbitration process between Pemex and the field’s consortium of owners should be completed by the second quarter, sources indicate.
The failure to disclose its £130m bet against Premier is nothing more than a clerical error, those close to ARCM say. But it could be a costly one. Lending insiders treat the big short with suspicion and cite it as the main reason to side with Durrant.
Premier appears to have sufficient support to ram through a restructuring of its finances, one that will give it two more years to repay its debts. A vote, expected to be a formality, will take place later this week.
But owed more than $450m, the Hong Kong investor is far from beaten. It has filed a High Court challenge to block both the restructuring and Premier’s plans to splash out on the North Sea oil claims.
The plot will have plenty more twists as the hedge fund ramps up the pressure to be repaid in full: not a penny more, not a penny less.
(2/2) The hedge fund has since spelt out its concerns as part of a campaign against Premier Oil. It is demanding answers from Durrant – not least on what ARCM considers overly bullish expectations on future oil and gas prices. So-called decommissioning costs, the bill to clear up any mess it makes in the North Sea could run into hundreds of millions and are being underestimated, it claims.
ARCM’s conclusions contradict those of almost every other lender. They are also at odds with a weighty analysis of Premier Oil’s North Sea proposals by accountancy firm PwC and many City stockbrokers.
“Acquiring additional North Sea production assets has long been part of Premier’s strategy,” says Barclays oil analyst James Hosie, “with a key requirement for any deal being that it would improve the company’s balance sheet position.”
The future oil and gas price assumptions, which ARCM have taken issue with, were actually provided by the sellers of the assets, Hosie adds.
“I expect Premier’s prospectus to provide more detail on the assets being acquired, helping to establish the value of the assets to Premier and replacing the third party valuations it published with the initial announcement.”
Durrant’s supporters outnumber ARCM. Many of them suspect a different agenda, one that is linked to ARCM’s mammoth £130m bet against Premier’s shares.