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well done to everyone that sold, I should have listened to my own advice and would have been £15k better off .
Once again, the heart was before the head, thinking as I have done for 5 years, that this is the update, that will take it to the next stages. But , this is PMO and we have G.Sucks now and really, I was actually still in a deep sleep, dreaming it was going to be a great day. LOL
apologies, did not realise it had been posted, as was in middle of writing mine.
US EIA Weekly Petroleum Status Report
HighCrude Oil Stocks, Net Chg +2.219M
HighGasoline Stocks, Net Chg +1.861M
HighDistillate Stocks, Net Chg -2.477M
Lets see if this ticks back up, as could do, similar to yesterday when API came out.
Got to say disappointing increase but as has been said so many times, this SP is so undervalued, its getting silly.
Well oil up to $63 and PMO can now only manage 2% (dropped back from 90.70 to just holding 87.92)
So unfortunately, PMO still proved to be under the "cosh" so this trading update is not the one to release the "beast" yet.
When is the question ?
Goes back to the million dollar question ? When will G.Sachs stop the holdings notices, which purely coincidence or not, has coincided with Stock on loan to all time high of 29%. When G.S. have disappeared, is the time this stock will fly IMHO.
Let's hope oil remains positive and EIA good at 3.30pm as oil price rising may keep them at bay, as much harder for them to go against the flow.
Goldman Sachs Holdings notice increase.
FFS
If I were betting man, they taking this down again. Parasites they are. No further news until Zama, so guess will be their play thing again while they can. Just putting my honest thoughts in.
Hit 63
As long as oil up, PMO making money to pay down debt as we have see from today.
Eventually PMO value will come through as the market cannot ignore this debt reducing forever.
With Zama sale and 320m debt paid each year, in 5 years will be debt free. This is not including extra profit from new online developments. Nice pension for some that happy to hold that long.
At least we can say that, whatever happens later. Anyway all that know PMO, just good to be up again !!
is key for the next month or two.
Saudi want it up for Aramco listing and OPEC meeting 3 weeks away .... will they cut further ? Hopefully !
Zama sale should add at least 20p onto share price considering impact it will have to drastically cut debt, so by Feb 2020 add 20p in my opinion. I don't think it's priced in at all at moment.
Will be a good catalyst year for PMO, plenty happening, hopefully oil up, another 300m off debt, Zama 400m approx off debt, so approx 1.3m debt left, which would be great reduction for end of 2020.
Zama only disappointing news for me, thought we would have a little more concrete information on it. If that much interest, surely someone would put good price in. Another couple of months seems a while off just to get offer, then it will take good couple of months to conclude contracts and get money in bank, so looks like min Feb 2020 for it to affect cashflow. Maybe they waiting to see if oil rises to get better price ?
Otherwise all good.
Med Crude Stocks, -0.5M
Med Gasoline Stocks, +2.3M
Low Distillate Stocks, +0.9M
Could be worse......could be better ..... Better than last week though.
The big one IMHO will be any news on Zama sale timescale and sales figure agreed if they have one.
Hopefully everything else will be to within previous guidance that won't spook the market and I don't see why there should be much in changes in the negative.
Anyway got to remain positive for tomorrow, alot riding on this.
Good luck all.
Just got to $62 in quick fashion.... maybe we can have a good end to day ready for tomorrow...... make a nice change if it happens.
As you say Ningaloo, good hedging for 2nd Half, although it is for only 40% of production, remainder at prevailing rates each month. Still, better than present prices so all good. Lets hope they hedged some for 2020 when the spike happened up to $70 on the Saudi Attack. Wish the time machine could take me to end of 2020, see where we would be at. LOL
From PMO = "Over 40% of 2019 2H oil production hedged at US$69/bbl"
p.s. good to see PMO SP recover, ........wish the shorters would just move to Tullow now
Dodger, agree, these large drops i.e. Tullow , can quickly recover the same day or next, but also they can continue for weeks, so I try and take the risk out by losing the opportunity of any gains but at same time don't get drawn into following a drop down and being locked in with losses for a long time. I am sure it will bounce, (153.70 - 25.45% as i write but then again, no guarantee !
PMO have got this Zama sale, which is sure to add good value to SP and de-risk PMO, which will be only way of getting shorters off the back. As long as TD does not go spending again, should see good increases over 6 months and to end of 2020.
Ningaloo, no worries, meant generically really, as there been a few querying whether it is tomorrow in last week.
Going to be a nervous day, but if you played "play your cards right" it should surely be "higher" by the fact that the Zama sale should be getting nearer by the week and they still paying off a good chunk of debt.
Only clink in the armour is what oil will do, which is out of our hands.
Good luck mate.
If Tullow producing 87k barrels a day and PMO forecast 75k to 80k both similar debt (slightly different assets, personally prefer N.Sea) , PMO looks very undervalued at 84p versus 157p still. (or Tullow still overvalued)
Zama should produce $200m to $500m (analysts say around $400m) on the sale to come off the debt, so should mean a good few pence (min 20p- 30p would have thought) added on SP, as market cap now only 698 million.
Is there anyone else here can work out more accurately what say $400m debt off would add onto SP ?
I am surprised that people that invest here don't know the basics or check Premiers website for updates, critical in the investing calendar, which has been posted on here a few times already.
For those that are not sure, check premiers website on such events which are always highlighted. As you have seen by Tullow oil this morning not knowing dates can have serious affects both up and down on your investment.
http://www.premier-oil.com/investors/calendar