Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Premier Oil plc    PMO   GB00B43G0577

PREMIER OIL PLC

(PMO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryAll NewsPress ReleasesOfficial PublicationsSector news

Premier Oil in talks with Chrysaor for refinancing alternative

share with twitter share with LinkedIn share with facebook
09/15/2020 | 10:46am EDT

Premier Oil Plc said on Tuesday it was in talks with private-equity backed oil producer Chrysaor and several other parties on alternative deals to secure long-term debt refinancing.

Premier said last month it was seeking $530 million (£411 million) in fresh equity, of which existing creditors said they would underwrite $205 million in a potential debt-for-equity swap.

The company, with market capitalisation of around 162 million pounds on Tuesday and net debt of just under $2 billion, needs at least $325 million in new equity for its creditors to extend current maturities.

Premier said it was discussing alternative means of refinancing in the best interests of its stakeholders, but that there was no certainty of an agreement.

The Chrysaor talks have not touched on the possibility of Chrysaor acquiring Premier, according to banking sources close to the process.

The two sides have focused on a solution that would involved a debt-for-equity swap aimed at reducing Premier's debt, the sources said, without giving further details.

"To date, terms of the transactions discussed do not, in Premier's opinion, provide better outcomes for either its shareholders or creditors than those proposed under the heads of terms announced on 20 August 2020," the company said.

Sources said Premier and its bond holders had sought a new cornerstone investor or prepaid sales deal before the August announcement, but sealed no agreement.

Premier declined to comment beyond its statement.

Another potential source of cash, the possible sale of its stake in the Mexican Zama field, stalled earlier this year.

Around $230 million of any fresh cash is earmarked to buy North Sea oil fields from BP which will help push up Premier's output to 100,000 barrel of oil equivalent per day from currently around 67,000 boe/d.

That portion of the raise has received a positive shareholder response, sources with knowledge of the matter said.

Premier has appointed investment bank RBC for the process, the sources added.

Premier's creditors, via financial advisor Lazard, tried to attract investment from at least one private equity firm but reached no deal, two sources with knowledge of the matter said.

At the same time it held talks, including with trading houses such as Vitol, for a loan in exchange for crude oil or a stake in the company, two other sources said.

In June, Premier reached an agreement with activist investor ARCM which involved ARCM buying new equity at a discount of around 9.6% to the volume-weighted average price over the previous five days.

Premier generates cash once the oil price is above $37 a barrel. It needs to get at least 75% of its creditors on board, up from a current level of 45%, to proceed with its plans.

(Reporting by Tanishaa Nadkar in Bengaluru, Clara Denina, Ron Bousso, Shadia Nasralla in London; Editing by Ramakrishnan M. and Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.84% 232.4 Delayed Quote.-50.72%
LAZARD LTD -0.47% 31.7 Delayed Quote.-20.67%
LONDON BRENT OIL 0.31% 41.94 Delayed Quote.-36.73%
PREMIER OIL PLC -6.84% 15.79 Delayed Quote.-83.92%
WTI 0.00% 40.359 Delayed Quote.-35.93%
share with twitter share with LinkedIn share with facebook
All news about PREMIER OIL PLC
09/23Premier Oil seeks another price cut for BP North Sea deal - sources
RE
09/23Premier oil in talks with bp to lower price of north sea oilfields acquisitio..
RE
09/21Bids for Exxon UK's oil and gas fields due on October 28- sources
RE
09/17Premier Oil receives indicative support of $325 million for capital increase ..
RE
09/15Premier Oil in talks with Chrysaor for refinancing alternative
RE
09/09FACTBOX : Companies seeking restructuring to secure post-COVID future
RE
09/03PREMIER OIL : awarded 3 licences in UK's 32nd Round
PU
09/03UK Oil & Gas Authority Awards 65 Companies Licenses in Offshore Round
DJ
08/28Distressed funds eye European companies as virus support schemes ease
RE
08/28PREMIER OIL : FACTBOX-Companies seeking restructuring to secure post-COVID futur..
RE
More news
Financials (USD)
Sales 2020 1 080 M - -
Net income 2020 -819 M - -
Net Debt 2020 1 744 M - -
P/E ratio 2020 -0,42x
Yield 2020 -
Capitalization 185 M 185 M -
EV / Sales 2020 1,79x
EV / Sales 2021 1,39x
Nbr of Employees 770
Free-Float 97,7%
Chart PREMIER OIL PLC
Duration : Period :
Premier Oil plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PREMIER OIL PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 0,49 $
Last Close Price 0,22 $
Spread / Highest target 299%
Spread / Average Target 130%
Spread / Lowest Target 18,6%
EPS Revisions
Managers
NameTitle
Anthony Richard Charles Durrant Chief Executive Officer & Executive Director
Roy Alexander Franklin Non-Executive Chairman
Stuart Royston Wheaton Chief Operating Officer
Richard Andrew Rose Executive Director & Finance Director
Nic Braley Chief Commercial & Technical Officer
Sector and Competitors
1st jan.Capitalization (M$)
PREMIER OIL PLC-82.74%199
CNOOC LIMITED-42.05%44 877
CONOCOPHILLIPS-49.38%35 309
EOG RESOURCES, INC.-56.57%21 182
ECOPETROL S.A.-40.12%21 111
CANADIAN NATURAL RESOURCES LIMITED-47.76%19 395