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The EU oil ban plays strongly into PMG hands. GPA farmout news now only a matter of time imo. For extra $10 increase per barrel above $60 that adds 115p/share.
https://www.reuters.com/business/energy/netherlands-aims-end-use-russian-gas-by-end-year-2022-04-22/
Really....Bob and the drum major think different ?
Pmg, cash position keeps on building,
Tom, sat there thinking like tesla back in the old days rubbing his hands at the potential he can bring to the table laughing at the share price,
Last little down move IMHO to take out the doom sayers and the stops, let some big boys in maybe......
60p next
this 'breaking out' past 60p is the first key milestone in my mind... from there it could then establish itself in a new higher trading range.. here's hoping..
Brent looking strong steaming up at 119
Makes this even more attractive.
Greater Perth Area development opportunity Parkmead’s 100% owned Greater Perth Area (GPA) development opportunity in the Outer Moray Firth is the major prize within its portfolio.
Will. E announced soon - june
Good find...
Minium92p ...
This is a big turning stone for pmg pulling this off,
....From fincapp
"Greater Perth Area development opportunity Parkmead’s 100% owned Greater Perth Area (GPA) development opportunity in the Outer Moray Firth is the major prize within its portfolio. This development involves three discovered fields – Perth, Dolphin, and Lowlander – with potential 2P reserves of 75-130 mmbbls (we conservatively model an 80 mmbbl development). Oil prices of over US$100/bbl alongside a more favourable North Sea investment environment should dramatically improve the chances of finding a farm-out partner to take the development forward. The GPA project is one of the largest undeveloped oil projects in the UKCS and Parkmead is assessing draft commercial offers received from the Scott field partnership for the potential tie-back of the GPA project to the Scott facilities, located 10km away. A tie-back to Scott is just one path to potentially unlock the GPA project and discussions are also being held with other infrastructure owners in the region but are most advanced with the Scott partners. A successful agreement would not only nail down the GPA development concept but also further boost farm-out expectations. With an estimated oil price breakeven of ~US$35/bbl, Parkmead’s GPA represents a material and highly profitable project opportunity in the current macro environment. Even with heavy 25% commercial risking, the GPA development still contributes a material 92p/sh to our 160p/sh risked NAV at a long-term Brent oil price of US$60/bbl. Moreover, Parkmead estimates every US$10/bbl increase in the long-term oil price adds ~£130m (115p/sh) to the post-tax NPV of the Perth field development alone. "
Deal news imminent
Yes deals to be had....news possibly on the horizon
Currentley spoilt for choice for farm in to GPA
Sqz share price are getting hammered this last mth,
RNS re ,Skerryvore may give sqz and pmg a well needed life line??
It begs the question: Would the likes of operators such as Serica rather see their hard earned cash permanently disappear in the Chancellor's coffers or asset build by investing at a highly favourable rate in new projects? By the time they come to fruition, the landscape will have changed anyhow [for better or worse]. I wonder who might have suitable assets? Hmmm.
I thought the following paragraph was food for thought:
'The IFS has suggested that the tax relief for North Sea investments may be too generous and encourage economically unviable projects, Stuart Adam, senior economist said. The new super deduction means that investing £100 in the North Sea will cost companies only £8.75, with the remaining cost paid by government. A massively loss making investment could still be profitable after tax'
Just how significant this is to us remains to be seen.
Rob12
You forgot to mention Davaar round the West coast of Shetland and of course platypus which will be developed with a new partner !
Diever is not getting back to anywhere near that L3trader. There are long term forecast production rates available to see on the NLOG site from the original drilling applications.
Vermillion are planning to drill another well from the Diever wellsite late this year/early next, so there should be some uplift then, but still can't find any permissions for it yet, so maybe delayed.
IMHO the NL gas has always been a minor sideshow - just a way of keeping enough cash coming into the company to avoid fundraising (and pay TC a salary). The lack of clarity over the royalty they bought out last year was disappointing - hidden from investors for years. Finncap value the NL gas now at 18.8p/share, so almost half the market cap. Go back a couple of years and Arden put it at 5p/sh...and production rates have more than halved since then. Finncap's numbers are definitely flawed, still including values for licenses that PMG relinquished more than a year ago.
Wind is a sideshow, I seriously doubt Pitreadie is ever going to have an planning application put in. Green washing.
So the bait is Skerryvore and GPA. Skerryvore may happen, but GPA, the big prize, I have serious doubts about. They've been considering commercial offer from Scott consortium for too long now. If they can't agree terms in current climate then it isn't happening.
Skerryvore - bearing in mind that PMG have not drilled a single well as operator since they were formed, I suspect they will hand it over to someone else if it actually goes ahead. Current uncertainty over windfall taxes etc puts a big questionmark over that IMHO. Nobody will throw money at a project without knowing the terms. Geological chance of success is 24% (Finncap again), so it's fairly risky even without the additional financial risks.
Anyway, GLA.
Wrong board this is not OMG.....Brent Oil $119 by the way !
robs12, the production level is laughable... Unless Diever gets back to its level of early 2020, OMG's revenues will not change the company.
Tell me how much profit pmg cleared on the last year accounts and then tell me how you work out £160 sp price valuation ..
This is above 30 on a wishing well
plenty here would take £1.60 instead of £160.. personally, I'd take £0.60p
:-)