Bought Premier Oil

I’ve traded Premier Oil before, and the company has a lot of debt which is gradually being reduced.

So I thought that I would buy a holding prior to the release of figures in early March, as these should confirm progress outlined by the company recently and also confirm how much oil has been sold in the forward markets at highish prices.

The discovery offshore Mexico is also looking promising, as the company has first mover advantage from a political perspective. The Mexican government will realise more money on sale of other drilling rights, and corporate taxation, if the first offshore discovery moves along to production fairly swiftly.

Shares are fairly cheap but of course they could become cheaper !