Premier - PMO

Looking back at my post of 11/1, option 1 is playing out exactly. We had a bounce at 87.75 yesterday. This is now also supported by SMA20 at 86. A break gives rising trendline support at the ~76 currently and SMA50.

I do see further weakness in the short term with crude but fundamentals might hold the mid 70's, supporting technicals.

So, agree TF

F4T

pmo - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...z10PQxxKP7rBt7x0k%3D

I think between 80p (50 day ema line) and 75p (main trendline) on p/b here, for a nice entry that makes the r/r worthwhile....

atb, wdik, dyor,
trendfriend

There is a big RNS this evening....

Premier Oil : Invitation to exchange convertible bonds
01/11/2018 | 06:19pm GMT

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS OR IN ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Premier today announces an invitation to convertible bondholders to accelerate the exchange of the outstanding convertible bonds (the 'Bonds') into ordinary shares of the Company. Further details of the formal invitation are set out below.
Rationale
The convertible bonds are capable of being exchanged at any time and are currently trading 'in-the-money'. With this invitation, the Company is seeking to accelerate the exchange of the Bonds into ordinary shares, which has several advantages for the Company, its shareholders and bondholders:

The primary purpose is to reduce the Company's indebtedness: the early exchange of the Bonds along with the recent non-core disposals of Wytch Farm, Pakistan, and its interest in the ETS pipeline and the start of production at Catcher, will assist the Company to reduce debt and to impact positively the Company's forward financial covenants;
It will rebalance the Company's capital structure and should reduce hedging activity in the Company's ordinary shares: the Company's capital structure currently comprises shareholders' ordinary equity plus long term borrowings which include UK retail bonds, senior loan notes, bank debt and the Bonds. Accelerating the exchange of the Bonds will increase the equity base of the business whist reducing outstanding debt and associated hedging activity (short selling) by certain holders of the Bonds;
The early exchange of any Bonds will lead to a smaller total number of ordinary shares being issued in respect of the Bonds than would be issued if all coupons were paid in ordinary shares and the Bond were held to and exchanged at maturity;
The invitation is open until 3pm (London time) on 16 January. A further announcement will be made shortly thereafter confirming the outcome of the invitation (which is at the discretion of the Company).

pmo - weekly

uk.advfn.com/p.php?pid=chartscreenshotsh...VTzhBIQ0AZ4FiLk3g%3D

its broken above that key 100p (possible double top level) since i posted the chart this morning!!

If it closes above 100p, it should be a decent enough breakout of resistance, and hence on its way higher......but wdik!

atb, wdik, dyor,
trendfriend

Shall I hold or shall I sell

Definitly not a double top, it looks more like 123 low on weekly and monthly chart