The Lemon Fool

Sold at 81.8p.

Haven't decided what to do with the cash. Probably something boring like an income IT.

V8

88V8 wrote:Sold at 81.8p.

Haven't decided what to do with the cash. Probably something boring like an income IT.

V8

me too, fortunately about 16% up on what I originally paid for them. But I still have some PMO ords. I'm generally fairly bullish about big oil in the medium term, but small oilies will continue to struggle methinks, especially those with little or no production. Premier falls somewhere in between. They/their successors have good production, but the debt burden is a killer.

And the cash? My PMO1 gain is not quite wiped out by Bahamas Petroleum's Perseverence-1 well announcement as non-commercial today. I hope that this is not an omen for the upcoming Perseverence rover Mars landing. Maybe I should put my small profit into a bet on that. The odds cannot be worse than for wildcat well success rate?

regards
S

88V8 wrote:Sold at 81.8p.

Haven't decided what to do with the cash. Probably something boring like an income IT.

V8

I put mine into Enquest 7.00% 2023.

hiriskpaul wrote :
I put mine into Enquest 7.00% 2023.

Did you buy those recently ? As they are paying PIK notes instead of cash, how was accrued interest handled ?

Euro17 wrote:

hiriskpaul wrote :
I put mine into Enquest 7.00% 2023.

Did you buy those recently ? As they are paying PIK notes instead of cash, how was accrued interest handled ?

I paid no accrued interest and yes PIK notes are due to be credited 15/02/21.

I have had a position in these for a long time and the last cash payment I received was on 19/08/2019. The way the oil price is going could well mean the payment this August will be cash.

Euro17 wrote:

hiriskpaul wrote :
I put mine into Enquest 7.00% 2023.

Did you buy those recently ? As they are paying PIK notes instead of cash, how was accrued interest handled ?

I bought some of these at the end of 2019 and topped up in early 2020. On my HL account, I have received PIK notes with a very small adjustment in cash, a roundoff adjustment of some kind I think. Still holding.

regards,
S

I'm holding the Enquest 7% which confusingly still have the descriptor 2022.
Not so much upside now as when I first bought, but if the PoO ticks up due to supply squeeze and they start paying cash, I suppose they could make 120.
Not sure I want to add.

V8

88V8 wrote:I'm holding the Enquest 7% which confusingly still have the descriptor 2022.
Not so much upside now as when I first bought, but if the PoO ticks up due to supply squeeze and they start paying cash, I suppose they could make 120.
Not sure I want to add.

V8

They have moved higher over the last couple of months, but they are still below where they were a year ago even though the company is in better shape now, with lower debt and with a similar PoO.

Sorry I got to this thread quite late: apologies if I've missed some key info and I'm asking a silly question.

I had some Premier Oil bonds too (6.5% SNR 31/05/2021) but unfortunately selling them wasn't really an option, I was in the middle of transferring the account from IWeb to HL (what a nightmare!!!) and I didn't want to add more confusion by buying/selling.

So I've chosen the Cash option in the Corporate Action on the 8th of Feb.

Then the bonds disappeared from both my old IWeb and my new HL account and neither of them had any idea where they had gone.
Eventually today some cash appeared in my old IWeb account, 77% of the nominal value (which is rather annoying because it's less than what I paid for, but never mind...)

Do you think I should have received some equities as well?
As somebody else pointed out on here, the Corporate Action was not clear at all.
Thank you!

Geppo wrote:I've chosen the Cash option in the Corporate Action on the 8th of Feb.
Do you think I should have received some equities as well?

You opted for 'Maximise Cash?
Over here on ADVFN there was a good deal of discussion https://uk.advfn.com/stock-market/london/premier-oil20-PMO1/share-chat?page=13&xref=chatnav_i_1_b and there is mention that £10,000 nominal was exchanged for $8,882 cash plus accrued of £196 plus 15,895 Harbour shares.

Whether that was Maximise Cash or Maximise Shares, I do not know, but it may give you a clue whether you are missing something.

V8

Thank you 88V8, that was extremely useful!

I've chosen the "Cash-Out Option", but it did say in the Corporate Action that if the cash-out option was oversubscribed they would give you part of the amount in shares.

Somebody in the link you shared said that he contacted Halifax (which I believe is the same as IWeb) and they told him "the shares have ended up with the issuer holding agent or whatever they are called and now Halifax are trying to chase them to get the shares. No timeline given."

I will have to chase them up again.