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Courtesy of lots of sense on ii , still doesn’t explain why they haven’t disclosed til now....also all part of contract negotiations, when you know you’re going to get less of a cut the next time Round.....
Ok, found the story behind it. I’m surprised it has only been made public yesterday by FCA

Premier Oil’s Key Lender Takes 17% Short Position on Shares
ARCM has $380 million of company’s $2.5 billion loans due 2021
Oil explorer is resisting creditors’ demands to raise capitalBy Luca Casiraghi and Antonio Vanuzzo
(Bloomberg) – Asia Research & Capital Management, the largest lender to Premier Oil Plc, is hedging its exposure to the company with a 16.8% short on the company’s shares.
ARCM’s position on the London-listed exploration firm dates from July and was made public on Wednesday in data published by U.K. financial watchdog the FCA. The hedge fund started by Perry Capital’s former Asia head Alp Ercil, started shorting the company in 2017, and it’s been steadily increasing the position since September 2018.
ARCM also has $380 million of exposure to the company’s $2.5 billion in loans that are due to mature in May 2021, according to people familiar with the matter.
Premier Oil has been talking to creditors including ARCM, Citigroup Inc., Deutsche Bank AG, Fortress Investment Group and Varde Investment Partners over ways to reduce debts amid volatile oil prices. The company is resisting lenders’ requests to raise about $500 million of new capital, while ARCM opposes any potential extension of the debt beyond 2021, the people said.
Officials at Premier Oil and ARCM declined to comment on the disclosure and on the negotiations.

Amena Bakr
@Amena__Bakr
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4m
Saudi Arabia and Venezuela are proposing a 500k additional cut, the saudi condition is “total compliance” - delegate #OOTT #opec

And let’s not lose sight of the fact there is an OPEC meeting happening right now. Positive for oil, from what all the Twitter traffic is reporting. Amena Bakr pretty interesting the hall with her posts

As per yesterday SOL averaged 26.26 in Oct down from 29ish in Sep.

It’s also of major interest that Whitebox have started to reduce

The problem is that if you look into their position, the size and dates of the position changes are far too detailed to be a fat finger...,so part of a refinancing package or a rogue trade going wrong? Why stop in July? - was it the news of the Zama sale? But what really doesn’t make sense is why the position wasn’t declared to the FCA at any stage in the last 2.5 years?

Ok so what are the thoughts on Asia Research and Capital Managements sudden 16.85% short declaration? Certainly helps to explain the stock on Loan anomaly . But what’s the fine for not declaring this position for 2.5 years? Or is this a financing trade and the FCA rules have changed?

I see that ACRM have a long fund in energy with companies like transocean and Ensco, and also a distressed debt fund set up in 2016. Is this a financing deal related to Sea Lion? Why stop in July of this year? Lots of unanswered questions on their sudden appearance.

Or left field is this a whale trade gone badly wrong? How do they get out of it? Lot of stock to cover? VWesque? Where does that leave the other shorts? I noticed Whitebox reduced again....

Sensible thoughts appreciated? Doesn’t seem to have dampened the share price this morning...

Asia Research and Capital Management....surely a feed error ? But bizarre how it just appeared and apparently the position been building since 24th Feb 2017.....accelerating since October 2018 and stopping in July of this year....

Surely it’s more about the forward curve than present oil price, with futures in 2021 onwards reasonably stable , and not at the mercy the front of backwardation or contango?

Anybody remember whether it’s sealed bids or several rounds of auction when the counter parties get out of that bulging data room?

Bad day in the office for Whitebox, AHL etc unless they have a crude position against it, which defeats the purpose of using PMO as a proxy. Not many trading sessions before year end and a lot of ‘borrowed’ shares to repay at some point....wonder if we start pushing into the 90s it will trigger them to accelerate the covering back to preserve that end of year bonus cheque? Volume is decent on this share but not enough if they all run for the door at the same time...#badvent instead of enjoying a lunch or two.... we are above resistance on the daily chart and 50 day is above the 200 day MA

Certainly plenty of it to unborrow, and possibly why share price has been holding up so well compared to others. Should add fuel to the fire

Average monthly stock on loan down to 26.26 in Nov, let’s hope it’s a recurrent theme...

Reduce another 0.1%, like a metronome. White box the more stubborn one still

There is a resistance line that can be drawn from the Apr, Sep and Mid Nov highs. Really need to break this to get som free air into the 90s

SRA,

Something recent or the one from Sep 18th about the lenders realising they will get a lot less interest on refinancing so trying to find creative ways to boost their fees by getting them to do an early equity raise?

AHL reduce another 0.1%. Total shorts over 0.5% now under 4

Tub thumping by the head of Iranian Revolutionary Guard today, should be enough to keep oil supported.....Iranians really backed into a corner with all the protests and violence on the domestic front...

Thanks TR , big hug back but massive blue tick to Geos post as well. Very bullish Zama and more importantly debt at more than likely lower than $1.5bn ( lower due to conservative nature of the company’s estimates) puts PMO on the front foot come January. Refinancing should be a doddle this time....;). Yet another reason why I struggle why anybody would be short here. Not a safe trade....ride on time for Whitebox....,,not long til year end....

I’m more of the opinion that it’s Whitebox getting out, who haven’t adjusted position since August. With the current tightness in the Brent curve and max European refinery runs, and desire for sweet crude processing ahead of IMO 2020doesn’t feel like holding a short in North Sea dominated Oiler’s is that clever at the moment. Russian export programs are lower and physical premiums are very strong at the moment. White box are experts at getting out what they want so the suppression no doubt continues . ...but positive they have started to cover no matter how small

If I held a dominant position like Baillie Gifford, surely wouldn’t take much buying pressure to get the shorts shifting a little quicker....?

Seems I was right yesterday, Whitebox reduced...only small, but bought a few quid back that they found down the back of the sofa . And no doubt a few more today, judging from the sniping sells and reasonable buys....no coincidence