Gas pivot draws Premier lender’s fire
A switch to the perceived cleaner fossil fuel has been a popular narrative for E&P firms but a major creditor has raised price concerns
A row has broken out between UK independent Premier Oil and the largest holder of its debt, Hong Kong hedge fund Asia Research and Capital Management (ARCM) over the producer’s plans to push back repayment of its bonds to help fund two new North Sea acquisitions. And among ARCM’s concerns is that the proposed deals will increase Premier’s exposure to the UK gas market, where both spot and forward prices are currently low. Its latest public comment on the issue even bears a negatively charged title—Premier Oil becoming “Premier Gas”. That a pivot to gas is not positive is an interesting development that highlights a lack of certainty over the future shape of the energy industry. For many E&am
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