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Premier Oil – Covenants deferred again as it walks the financial tightrope

By Graham Neary | Thursday 1 September 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


This morning brought news that the covenant test for Premier Oil (PMO) has been delayed for the third time. While the support from the lending group is to be welcomed, the continuing need for deferral proves that the company's equity holders remain on a financial tightrope.


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