|Bid||106.15 x 0|
|Ask||106.40 x 0|
|Day's Range||105.75 - 109.00|
|52 Week Range||64.48 - 120.70|
|Beta (5Y Monthly)||2.38|
|PE Ratio (TTM)||6.05|
|Earnings Date||Mar 05, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr 16, 2014|
|1y Target Est||1.84|
Premier Oil has secured backing from a majority of its lenders for a $2.9bn refinancing but a Hong Kong hedge fund that has opposed the company’s plan in court has insisted the battle is not yet over. The North Sea oil and gas company secured more than the 75 per cent of votes it required in today’s ballot in favour of the refinancing, which will give it an extra two and a half years of breathing space on its $2.9bn of credit facilities, not all of which are drawn down. Following the refinancing, the company plans to launch a $500m equity raise to fund $871m of acquisitions in the North Sea from BP and the Korean National Oil Corporation (KNOC), which were announced last month and include stakes in the Andrew area group of fields.
between Premier Oil and a Hong Kong hedge fund that has built up one of the biggest short positions in UK history will intensify this week as the FTSE 250 group seeks backing for a near-$4bn refinancing and acquisitions spree. Premier Oil’s lenders will on Wednesday vote on a plan that would give it an additional two-and-a-half years of breathing space on its $2.9bn lending facilities. If approved, it will also allow Premier to launch a $500m equity raise to help fund $871m of acquisitions in the North Sea, which it claims, would “materially” add value.
Premier Oil is set to buy stakes in North Sea oilfields Andrew and Shearwater from BP for $625 million and increase its stake in the Tolmount gas project in a deal with Dana worth $191 million, Premier said on Tuesday. Premier said the acquisitions would generate over $1 billion in free cash flow by the end of 2023 and add 23,000 barrels of oil equivalent per day cash-generative production and 82 million barrels of reserves and resources to its portfolio.
BP has agreed terms to sell its interests in the Andrew area, and its non-operating interest in the Shearwater field, to Premier Oil for $625 million.
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State-run Korea National Oil Corp (KNOC) has scaled back efforts to pull out of the British North Sea, focusing on the sale of its stake in the Tolmount gas project, three industry sources said. Heavily indebted KNOC earlier this year tried to sell a 49% stake in its North Sea subsidiary Dana Petroleum but could not find a suitable buyer, the sources said. In March, KNOC said it was targeting a reduction in its debt-to-equity ratio to 1,200% in 2019 and 500% in 2020.
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Shares in the London-listed oil company, which has struggled with its debt pile in recent years, were up 5% as of 0909 GMT following the news. The company reported a 10.4% rose in oil and gas output to 84,100 barrels of oil equivalent per day (boepd) in the first half of the year. Premier said it launched the sale process for its 25% stake in the Zama field in Mexico after raising its resource estimate in June.
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