Premier Oil PLC (LON:PMO) has announced the terms of a refinancing that promises to remove uncertainty for investors. The company says it has preserved headroom of its prior facilities and all maturity dates are now being aligned to May 31 2021.
Premier's interim results for the six months ended June 30, released in August, showed the company had US$207mln of cash and equivalents and with production of 61,000 barrels per day it generated US$383mln of revenue over the six month period.
The oil price crisis has had investors in heavily-indebted smaller oil companies nervously looking over their shoulders for a couple of years now - and as a Premier Oil (LSE: PMO) shareholder myself, my neck has been getting a bit stiff.
The outcome of this week's OPEC meeting is likely to be positive for the oil sector. It means that supply will be cut, which could lead to a higher oil price over the medium term. Clearly, it's a volatile period for the industry and the future remains ...
Seeing the glass half-full technical analyst Zak Mir says Premier Oil PLC (LON:PMO) shares could rally to 80p per share. At the same time though he acknowledges that other traders might see it differently.