Updates

Premier Oil - Refinancing nearly complete

February 2017

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.

Shares in Premier Oil, one of our Naps for 2017, have been on a tear, hitting a high of 95p after its trading update noted all commercial terms of its refinancing have been agreed and the term sheet is expected to be circulated for review and approval shortly. At that time Premier will provide full details of terms.Meanwhile, it achieved record production of 71,400 barrels oil equivalent per day (boepd), up 24% on 2015 and in line with previously upgraded guidance. Guidance for 2017 is set at 75,000 boepd before any contribution from Catcher, which has “target oil production start-up later this year.” Its capex cost has also been reduced by a further US$0.1bn to US$1.6bn, with the production plan reduced by 2 wells to 2 ...

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