To disclose my interest, I am a holder.
To lose money at this level, 65, you have to believe that, if Premier goes bust two or three years out (it clearly is solvent today), after the £464 million of senior debt (at current exchange rates) is paid off in full, all the rest of the debt will be paid off at less than 65 pence in the pound. Significantly less than that, as the December interest payment will surely be paid, and most probably those due in 2016. I'm assuming that Solan produces oil, as expected.
Has anyone else done the sums and, if so, have I missed some big near term risk, other than a further significant fall in the oil price and a delay at Solan?