Ithaca have now gone to market for Decommissioning operations on Athena to remove the water column assets. This leaves all tree's, services and subsea manifold in place. Whether another tender is being prepared for this removal or whether PMG / FPM like the idea of tie in to future Perth Hub, to remove remaining oil in place adds to the intrigue.
Retrenchment seems to have steadied around the 55p mark, which does seem to be the new baseline - at least to me!! Whilst bringing my average down a tad, I do get the impression that both FPM and PMG are extremely busy in the background re an acquisition. Intriguing and purely based on no debt and timing.
I hold both PMG & PMO, and to say that PMO are about to collapse under "their debt ridden pile is pure nonsense. In fact this business about BUYING & SELLING is being clever enough to read the markets, the companies and the general up sides, therefore to have bought PMO at 31p and top slice a profit of over £20k on Friday - make your comments look ridiculous.
Chritst i've been a follower of TC since 1996 - the early DANA days and made a nice profit from this efforts, but sadly he hasn't cut it so far with PMG, i guess i'm here more in hope than sense to be honest..
Having backed and made a nice return courtesy of Tom & the team at DANA Petroleum, I simply 'followed the money' and rolled-over a percentage of my DANA profits into PMG and metaphorically speaking, will personally once again be 'riding the bus to the last stop!'
both 'on the ropes' and both going down for the 'count', both victims of their own over-inflated egos and collapsing under their own debt-pile. By contrast, PMG under the excellent stewardship of TC & his team have steered a sound and steady course through the turbulent seas which have befallen the Global Oil & Gas Industry and unlike the above impending casualties, PMG has remained cash generative and debt-free (with circa $45m cash on the balance sheet), whilst at the same time significantly increasing its acreage position, along with the forging of ever stronger alliances with both it's existing and potential strategic joint-venture partners and is, by the year end, set to treble its productive output. All-in-all a stellar performance by "Team PMG" and in complete contrast to a great many of its peer group.
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