We would love to hear your thoughts about our site and services, please take our survey here.
I just keep topping up/averaging down.....
Buy Fear vs Sell Greed.....
I can buy the effect of Covid Fear.....
But when will I hear/feel/smell/recognise the Greed on this one ?.....
(Or the whole of market once again !!)
Any thoughts ?
GLA - Oilf.
I remember the £4 Party in London for Xcite Energy after the first Heavy Oil from the Bentley field hit the FPSO..... (March 2010 was it ?)
Sold out out @ £3.60 & £3.15 (having bought at 60p)
Many PIs had bought in at 1-5pence.....
One American (Amerifriend) claimed to have 800,000....
Xcite went downhill for next 2-3 years ending up entirely in hands of Bondholders and PIs' were wiped out.... (after a Court case ?)....
Lesson Always take yr profits !!
Happy days !!
GLA here....
Oilf.
This Asia Research & Capital Management short position on PMO might be relevant ? (for short covering ?)
North Sea firm Premier Oil (becomes) the target of record £132m short bet by Hong Kong hedge fund
By JAMIE NIMMO FOR THE FINANCIAL MAIL ON SUNDAY
PUBLISHED: 22:03, 7 December 2019 | UPDATED: 10:24, 8 December 2019.....
A Hong Kong hedge fund secretly built up the biggest ever short position in the UK by taking huge bets against Premier Oil shares.
Asia Research & Capital Management should have revealed its bet to the Financial Conduct Authority in February 2017 when its short position in the North Sea oil firm’s shares went above 0.5 per cent.
But ARCM, which invests in distressed assets, did not disclose the bet to the watchdog until Friday last week – when it belatedly revealed that it had built up an enormous 17 per cent short position worth £132million.
ARCM’s huge short position – thought to be the largest ever disclosed in the UK – is understood to be a hedge against its (own) $380million holding of Premier Oil’s $2.55billion net debt, which becomes repayable in May 2021.
Premier Oil agreed a crucial debt refinancing package in February 2017 when ARCM bought its debt and began shorting the shares as insurance.
The £132million short position does not mean ARCM has spent £132million betting against Premier Oil, but it does pay a fee for borrowing the shares.
It means ARCM has some insurance if the shares fall and it suffers because it holds vast sums of its debt.
A source familiar with ARCM, which has not increased its short since June, said the company always hedges all its investments.
Even so, the short position is huge by typical standards.
It is the largest short position in Europe by percentage of a company’s shares, according to analysis by Breakout Point.
The second largest is CPMG’s 5.86 per cent short position in German technology company Aixtron.
https://www.thisismoney.co.uk/money/markets/article-7767747/Premier-Oil-target-record-132m-short-bet-Hong-Kong-hedge-fund.html
Apologies for the FT paywall !!
Try this one....
https://world-news-monitor.com/business/energy/oil/2020/02/12/premier-oil-wins-support-from-majority-of-lenders-for-2-9bn-refinancing/
Premier Oil wins support from majority of lenders for $2.9bn refinancing
https://www.ft.com/content/ff8ccf1e-4d9c-11ea-95a0-43d18ec715f5
The only gold is black gold....
https://www.resilience.org/stories/2005-04-01/why-our-food-so-dependent-oil/