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The Independent: Premier Oil soars again on talk of bidding war

By: Andrew Dewson,
Published: Sep 01, 2006

Anyone lucky enough to have owned a handful of shares in Premier Oil four years ago should be grinning from ear to ear. The shares have risen almost 500 per cent since January 2002, a level of out-performance that few London listed stocks can match.

Mid-cap oil stocks have rarely found such favour with investors and if market rumours are to be believed Premier has caught the eye of more than one of the oil majors. The word in the market is that a bidding war could be likely for the group, which has production operations in Europe, Africa and the Indian subcontinent, with Shell and Pemex, the Mexican national producer, going head to head. Traders said a fight for Premier Oil could start at 1,250p per share as the stock climbed another 18p to 1,030p.

 

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