|Bid||16.90 x 0|
|Ask||16.97 x 0|
|Day's range||16.50 - 17.60|
|52-week range||10.02 - 120.70|
|Beta (5Y monthly)||3.17|
|PE ratio (TTM)||N/A|
|Earnings date||20 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||16 Apr 2014|
|1y target est||1.84|
Struggling oil and gas producer Premier Oil <PMO.L> has begun talks with BP <BP.L> to lower for the second time a $210 million deal to acquire stakes in two North Sea oilfields, sources told Reuters on Wednesday. Both BP and Premier Oil declined to comment. In June, following the collapse of oil and gas prices due to the coronavirus epidemic, BP agreed to reduce Premier's cash payment to a total of $210 million and retain costs associated with the abandonment of the Andrew and Shearwater fields.
Premier Oil has received indicative, non-binding support in excess of a targeted $325 million for a capital increase linked to a debt restructuring, a source with knowledge of the matter said. The company needs 75% of its creditors to agree to the restructuring plans, a threshold it has not yet reached, the source told Reuters on Thursday.
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.