Secondary Recommendation

Premier Oil - Growing number of high impact wells

December 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Premier Oil, which was founded in 1934, enjoys the distinction of being the only surviving quoted oil e&p firm from the 1980s era to have retained its independence. This seems all the more remarkable given that it suffered a serious reversal of fortune in the late 1990s when, after making two major investments including an Indonesia to Singapore gas pipeline project, it got caught with its pants down when the price of oil collapsed to US$11 a barrel. With debts topping £250m, it enlisted the help of industry giants Amerada Hess and Malaysian state-owned firm Petronas to bail it out and between them, they pumped in £133m of equity, which gave each of them a 25% shareholding. Premier finally restored its balance sheet in 20 ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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