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Premier Oil - Jefferies upside scenario target price: £2

February 2018

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.

The shares soared to a high of 104p after full year production of 75,000 barrels oil equivalent per day (boepd) was in line with guidance and up 5% on 2016. Rising prices were the main catalyst but first oil from Catcher, which ramped up ahead of expectations to 20,000 boepd from just two wells (double previous guidance) also spurred animal spirits. Catcher is clearly on track to reach its target for gross 60,000 boepd in H1 ’18. Other milestones included the Zama discovery in Mexico, which will be appraised later this year, the debt refinancing and progress at the Tolmount oil field in the North Sea (project sanction expected in 2018).Guidance is for operating cost per barrel of US$16.5 in ’17 rising to US$17-US$18 in ’18 reflect ...

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Burford Capital

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Premier Oil - Transformational acquisitions will add US$1bn free cash flow by 2023 (February 2020)

Premier Oil - Disposal of Zama one step closer (December 2019)

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Premier Oil - Jefferies thinks Zama discovery could attract bidder (August 2019)

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Premier Oil - Refinancing a done deal (May 2017)

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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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