Tom Cross highlights appetite for North Sea deals MARK WILLIAMSON / Saturday 21 November 2015 TOM Cross has said the Parkmead Group he runs maintains its appetite for acquisitions as it looks to take advantage of opportunities created by the crude price slump.
Parkmead lost £31m after tax in the year to June during which the fall in the oil price took a heavy toll on profitability.
The Aberdeen-based company wrote £13m off the value of the Athena field to reflect what it described as the collapse in the Brent crude price, from $115 per barrel in June last year to around $65 at the end of the financial year. The price has fallen to around $45/bbl in recent weeks.
today was a better point - poo has done in all oilers today. still dropping so should have held off (catching a falling knife!). still aint going bust anytime soon, and the effective net mcap of the production is very low given the cash at bank.
Tend to agree. FPM has been over punished in my opinion after Blink duster. Company has been buying assets and one of the few still with a drilling programme, barring the big operators. Perhaps the Njord 2016 potential closure for upgrades is jaundicing the viewpoint. Accumulating myself again, although in to deep and should play PMO. or sell everything but my Investment Trusts !! GL
18 months of falling oil prices seems to be historically the norm when it falls, but can we be sure whether norm is predictable? Striking oil is the name of the game. After a terrific purple patch a couple of years back they seem to have hit an equally terrifying barren phase. The luck will turn again no doubt, but the market wants it now and until then will continue to drift.
ive read it again and can see its a dry well. ive taken a look at the interims and it all looks good for a 2-3 year hold here. plenty of cash, good management and about 30% of the stock in free float with quite a few institutions involved. im quite heavily weighted in gkp so the low political risk environment is also a big seller to me. 10000 bopd at all in $22 cost . hopefully ill pick up my 66 p order
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