Time is running out for Premier Oil’s plan to find the funds it needs to drill for oil in the disputed waters around the Falkland Islands.
The debt-wracked oil company has hired Standard Chartered to pull together a syndicate of banks to fund its hunt for more than 500m barrels of oil by the end of the year.
But City sources have warned that Premier’s slow progress means the beleaguered project is unlikely to meet a pressing financial deadline.