When I bought some Premier Oil(LSE: PMO) shares back in September 2015 at 99p apiece, it was based on my thoughts that they were close to a maximum pessimism rating and that a recovering oil price would help the company get its huge debt burden ...
Shares in Premier Oil PLC (LON:PMO) rocketed on Wednesday after the mid-cap producer announced a new “world class” oil discovery offshore Mexico, with the Zama-1 exploration well unearthing an estimated 1bn barrel find.
Premier Oil PLC's (LON:PMO) new Mexican oil discovery may in time prove to be company-defining but right now the investment case should still be about debt reduction, that's the view of Barclays Capital analyst James Hosie.
Tony Durrant, chief executive of Premier Oil PLC (LON:PMO) discusses with Proactive's Andrew Scott their new “world class” oil discovery offshore Mexico, with the Zama-1 exploration well unearthing an estimated 1bn barrel find.
When Premier Oil(LSE: PMO) released its half-year results for 2014 it reported net debt of $1.7bn (�1bn at the prevailing exchange rate), while its shares were trading at 335p, giving it a market cap of �1.8bn.