Hi Chaps and Mary, of course, Thanks for your devotion to posting on PMG, I haven't had the time to look at this much recently, but I have to congratulate Mary Mullins on her ongoing perceptive remarks, no comment on the pointless squabbling. This company has phenomenal chat compared with FTSE 100 Companies where there are sometimes only two or three posts per annum! Here's a thought for you. Has it occurred to anyone that the reason for withholding the Pharos info is that the field is excellent and the suphur is not an issue, however the field may be far larger than anticipated and that TC, Dana and crew wated to consolidate holdings in the vicinity with the latest licencing round? Why on earth would they let someone else get hold of blocks in this area which is so close to the infrastructure and the coast?
I have every confidence in the Parkmead Team, and they are quite right to keep our powder dry, as it is only the long-term game that matters. Boosting the short-term income stream to more than cover fixed/vaiable costs gives the Company stability and a strength that few can rival. KEEP THE FAITH AND BE PATIENT.
Thanks for that. I especially like this parkmead bought Athena for $2.7 million but it's worth $42 million deal too good to be true.
Closing the EWE deal: We feel that the market does not fully appreciate the extent of the value created by Parkmead’s acquisition of 20% of the Athena field from EWE or the capital efficiency with which Parkmead completed this deal. Due to opportunistic timing, efficient tax structuring and the exclusive nature of the sales process Parkmead was able to acquire producing assets worth $42.6 million at the time of closing (10 April 2014) for $2.7 million in cash and 0.3 million Parkmead shares. We believe that the consideration paid to EWE by PMG was close to the balance of receivables and unsold inventory in respect of the acquired assets at the time of closing. We thought the equity market might have been worried about the deal being too good to be true and potentially at risk of being scuppered by a rival bid. However, it is worth pointing out that Tom Cross has never failed to complete an oil and gas deal in his 20-year history of running publicly-listed oil and gas companies.
Phew! Glad you clarified that. Still no news on Pharos. 28th. Licencing round finished a couple of weeks ago so that's another possibility why the data has not been released by Dana crossed off. Only points in one direction or is it me being overly optimistic. Good Luck.
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