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Some info here: https://www.upstreamonline.com/sponsor-content/88-energy-s-north-slope-well-could-be-among-the-biggest-in-2020/2-1-713789
Premier has a 60% share. 88E kept a 30% share and Burgundy Xploration has the remaining 10%
Positive article on PMO's prospects:
h t t p s : / / simplywall.st/stocks/gb/energy/lse-pmo/premier-oil-shares/news/is-there-more-to-premier-oil-plc-lonpmo-than-its-10-0-returns-on-capital/
"There might be better investments than Premier Oil out there, but you will have to work hard to find them".
I won't argue with you there SK!
It's looking good for Charlie-1 too.
h t t p s : / / www.hydrocarbons-technology.com/news/charlie-appraisal-well-drilling-progresses/
Charlie-1 appraisal well drilling progresses towards spudding
16 January 2020
Exploration company 88 Energy has updated that the upcoming drilling of the Charlie-1 appraisal well at Project Icewine, located on the Central North Slope, US, is ‘progressing to plan’ with spudding expected soon.
The Alaska-focused explorer said that ice road construction is currently underway and its base layer is currently at 25%.
The company has also submitted a permit to drill and hopes to receive approval this month.
According to 88 Energy, a more accurate forecast for the anticipated February spud, along with the timing for drilling, logging, and testing, will be communicated shortly.
Nice to see this though this afternoon from EIA - "U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.5 million barrels from the previous week."
Darth, no the SL case wouldn't set a legal precedent (cases are different in some respects) but I would say it bodes well. I'm hopeful that if PMO gets the required majority of creditors to agree the scheme will get sanctioned. To answer your question about whether ARCM might appeal the Court of Session outcome should it go in PMO's favour... probably not. But with the odds at stake for them you never can tell.
Sorry, word missing " a few months"
There will be further court processes to be gone through and the whole thing will probably take a few. There will be a court hearing to sanction the scheme of arrangement. If the court sanctions it then I imagine the process will be completed two or three week thereafter. But before the sanction hearing can take place there has to be scheme meetings undertaken with the classes of scheme creditors. Once approval is given then the final sanction hearing can take place. My best guess is that it could take about 2 months from the date of approval of the creditors (fingers crossed!) to the date of the sanction hearing. I should add, I am not an expert in company law. I work in the data protection area. I am just interested in this because I am a PMO shareholder.
Pardon my ignorance here but does the 75% figure mentioned refer to 75% of the total debt outstanding to all creditors (rather than 75% of the creditors numerically?) I have checked online and it appears to be the case that for a Scottish Scheme of Arrangement to succeed, it must be approved by creditors constituting 75 percent by value of debt outstanding, as well as being approved by 50 percent by number of creditor numerically. Does this mean that ARCM could attempt to buy more debt from the other creditors to bring down the amount of debt owned by the other creditors to a lesser level, thus affecting the numbers?
Limit order is with Hargreaves Lansdown.
£43K (47K shares) limit order £2.00 here.
... on the way the market reacts to vagaries like Trump's tweeting.
https://www.forbes.com/sites/michaellynch/2019/04/28/why-do-tweets-from-trump-move-oil-prices/#54e025894531
Interesting comments from finance man Richard Rose on the mentality of being a Premier Oil Director. https://www.financialdirector.co.uk/2019/01/05/skilling-up-the-robust-cfo/
Thanks Rocky. That would be me. I'm still a novice. I bought into PMO at 127.5p so down at the moment. But I'm hoping for good things longer term.
https://www.thebalance.com/how-to-legally-manipulate-stock-prices-3140856