Harbour Energy Share Discussion Threads

[begorrah88] 03/2/2017 08:24

Shorters still controlling SETS and the MM's haven't changed their stance by the looks of it.

A huge damp squib in my book after all the positive noises TD was making and ' not materially dilutive' I think he's been mauled and I can understand this deal 8 months ago in the teeth of serious headwinds and a low POO but 8 months later and PMO has had very little benefit out of the POO rise and now we've got a deal that it looks like shorters had prior knowledge of.

I suppose the 're-rate' talk will now move to '...when Catcher comes on stream'

Disappointed.

[steve73] 03/2/2017 08:24

3-pound coins currently on sale at 85p IMO.

[oilandgas1] 03/2/2017 08:24

Pmo need agreements with its lenders for investing:

Premier and its lenders envisage that the Group will selectively seek to invest in its unsanctioned projects, at the appropriate equity levels, with due regard to the commodity price environment.

With rising production and 700 mmboe of discovered but undeveloped reserves and resources, Premier has considerable portfolio optionality. Unsanctioned projects include infill drilling programmes, incremental developments and new projects such as Tolmount, Tuna and Sea Lion. Premier also has the potential for material value creation through its exploration acreage, including in Mexico, with drilling expected to commence in Q2.

[oilandgas1] 03/2/2017 08:19

Equity warrants representing up to 90 million new shares, being 15% of Premier's issued shares (enlarged for the potential new issue) at a price of 42.75 pence per share, equivalent to 7.6% dilution based on the latest closing share price. The warrants will have a five-year term. Alternatively, lenders will have the option to take up synthetic warrants in the form of a deferred fee of comparable value to the equity warrants. Take up of the synthetic warrants will reduce the number of underlying new shares to be issued under the equity warrants

Positive feedback has been received from a number of significant retail bondholders who have been consulted on these terms. A prospectus will be issued for retail bondholders to elect between equity warrants and synthetic warrants.

Convertible bonds

Premier has agreed key amended terms with certain significant bondholders and advisers to an ad hoc committee of the convertible bondholders. Full details of these terms will be circulated to the wider convertible group. The amended terms remain subject to review and agreement by the Private Lenders and their representatives.

Implementation of the proposed refinancing

Premier plans to enter into lock up agreements in relation to the long form term sheet with Private Lenders by the end of February. Revised refinancing and implementation documents will now be finalised with completion for the refinancing anticipated by the end of May 2017.

[marvin9] 03/2/2017 08:18

It could have been a hell of a lot worse but I do know what you mean; seems the market agrees with you.

Just goes to show, with the reaction of the share price over the last few weeks, this must have been the worst kept secret ever, for those in the know.

[bakedbean57] 03/2/2017 08:17

I can hear the shouting in some of the shorting house FFS John step it down you were supposed to crash it to let us out this morning keep trying FFS ! They may yet get their way but this is gong to rerate.

[begorrah88] 03/2/2017 08:16

Got to say I am disappointed with that.

8 months and not worth the wait in my opinion.

I can claerly see why the shorters have climbed into this & will continue to do so.

[crystball] 03/2/2017 08:12

I've added after this RNS.

[leoneobull] 03/2/2017 08:02

FROMLSE "It's a good RNS you have debt sorted, also lenders will get an option of 90m shares but that is an option and it's a clever way to get them invested and put cash back into the company.
This RNS suggests they are happy with the business and will probably have reduced original terms of the lending which helps this business. This has what has been hanging over your head and it has been fixed with oil where it is and your production increasing those debt levels will fall.
The options are not going to get exercised at anyway but this will boost the share price.
Look at glencire and when and what price they issued more equity and look at the share price now
Good luck all"

[marvin9] 03/2/2017 07:59

What did I say eh eh ... Uncle Tony will get the best deal for investors .. considering the circumstances.

Now lets see what the Fraggles do with it

[kooba] 03/2/2017 07:56

From ig morning callPremier Oil cut to underperform at Macquarie

[chutes01] 03/2/2017 07:56

Shell in for Sea Lion now after N Sea withdrawal

[bakedbean57] 03/2/2017 07:52

I'm spamming I'm happy that doesn't usually happen to me!

[deanroberthunt] 03/2/2017 07:50

of course....live long and prosper

[bakedbean57] 03/2/2017 07:49

Oil just popped its head back to $57 a barrel nice timing :)

[leoneobull] 03/2/2017 07:49

Dean, it is time to put our goat shagging argument behind us..

I voted up your post.

Very good

"Enquests was 40% dilution with their placing at 23p with the refinancing...and that bagged post the deal ?

so....."

[leoneobull] 03/2/2017 07:47

FROM LSE:

7% dilution is very little when you consider a year ago there was a significant risk of D4E! This paragraph is KEY. At 3X EBITDA a friend of mine pointed out that the mkt cap of PMO ought to be US 1.5 - 2bn i.e. this is a MULTI BAGGER! Well done all LTHs!

"Year-to-date Premier's production has averaged around 80 kboepd. A significant step up in production is expected once Catcher is on-stream later this year, materially enhancing the Group's cash flows. The Group will prioritise these cash flows towards reducing its absolute debt levels and leverage ratio to 3x EBITDA. At the same time, Premier and its lenders envisage that the Group will selectively seek to invest in its unsanctioned projects, at the appropriate equity levels, with due regard to the commodity price environment".

BRING ON TOULMONT & ALSO BRING ON SEA LION. £3.....2018 imov dyor

[oilretire] 03/2/2017 07:47

POO touching $57 too :-)

[oilretire] 03/2/2017 07:34

Well could have been a whole load worse. From being in a very weak position going into this process months & months ago I think PMO have come out relatively strongly from it.

[manics] 03/2/2017 07:33

‘Significant milestone’ for Premier Oil as it resets debt


Premier Oil plc ‏@PremierOilplc
Refinancing will provide a solid foundation for PMO to deliver its strategic plans #PMOrefinancing

Premier Oil plc ‏@PremierOilplc
PMO has considerable portfolio optionality; rising production & 700 mmboe discovered but undeveloped reserves & resources #PMOrefinancing

[bakedbean57] 03/2/2017 07:33

Sorted 7.5% at current rates we have lost MORE than that in false market movements in a single day!!!!!!!! and it didn't secure the future of the company, if anyone puts the negative on this based on this simple logic then you sir have no agenda in the long term prosperity of this company and are an idiot. Good news and IR Will get those flowers from the BB57. A man of my word. So flash crash then a rerate anyone or just straight blue! Be interested to know though how the warrant price struck. Well done a cracking looking company let the Fundamentals shine.

[anony mous] 03/2/2017 07:32

No nasties.Good.Will the hedge funds stop there games now.

[sirmark] 03/2/2017 07:23

Great news now onwards and upwards !!! Uncertainty removed and we should now make our steady way back to the FTSE 250