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Bjoe get a grip man!
Chill your beans... when these are over a pound shortly you will be no where to be seen lol!!!
See you all at the £1 party.
GLA
Surreal !!
Huge increases in Gas prices & PMG SP drifts downwards in response ?
Really encouraging !
BJoe
Goodnight !
The boat was always waiting for the opportunity, - but has never managed to leave port.
Perhaps another (cracked) record needs to be changed!
Bobert
Change the record !
The boat was always waiting for the opportunity,if you think it's been missed then bigger fool you !
"Since when have PMG delivered on the assets/potential they have boasted about for years."
They haven't...not once. Much hype, broohaha and boasting, but delivery of no asset or project at all.
They've bought a farm (..still a farm...yawn), a small windfarm (OK, three turbines, hardly a windfarm), and Dutch gas fields, both developed by others.
They've bought and relinquished many, many licenses with zero result.
They sunk a lot of $$ into Athena - disaster.
The only thing still going for them is GPA, but after several years of trying to spruik that, they now have to resort to flogging it for whatever they can get through a third party.
Lots of cash raised, all gone...with nothing to see for it.
Several relatives have good jobs and TC has a very comfortable lifestyle on the £500K+ salary.
If it weren't for a war and resultant short term cash inflows there would be nothing of interest.
I suspect PMG will be no more in 2023, sold off in full to the highest bidder for GPA.....if they can find one...
SotB - optimism is always good but times come to be realistic.
Since when have PMG delivered on the assets/potential they have boasted about for years.
Precious little I'm afraid which is why I mentioned missing the boat !
Drilling two wells in the Netherlands......33rd licensing round....GPA farm in announcement....Renewable energy plans....
The list goes on...Parkmead primed !
BJoe
Stalled as Autumn arrives......Doubt it !
It looks as if the SP has pretty well stalled at this level whilst the Oil price has stayed near its high & Gas prices carry on upwards.
Nothing to cheer about at the moment for PMG unfortunately.
TC continues to disappoint & could miss the boat completely at this rate.
U.K. Natural gas up 21.5% !
5.44% up.
Gas up 1.76% today - looking forward to seeing PMG next reported cash balance.
L3Trader, Diever-02, the current producing well on the Diever field, took 18 days to drill, but another year before starting production. Diever-01 took about 7 weeks to drill, but that was back in the early 60's.
No idea what depth the LDS wells are in comparison to DIV-02, but I'd be estimating 3-4 weeks for drilling.
If they are confident, they'll have wellhead eqt on standby for the end of drilling, so could be quite fast.
Wind farm revenue (at least last year's) pays about half Tom's salary.
NL gas revenue is very healthy right now!
Question for the experts: if the rig gets into action in October, when should we expect first gas?
----------------------
14-25 days to drill a gas well on land.......As it states in the RNS it doesn't take long to bring it on line.......Bobert I'm sure would confirm this.
I am surprised the SP is around this level.
It can't just be due to ST at IC propping it up. On the other hand, we know that it cannot be driven by cash flow. Rob's data and figures show that with about 300 boepd the cash coming in would be (in gross terms) $100,000 per day (about $400/boe). So, $3M a month. But this is not going to last. And if it drops to $100/boe we are talking about $0.75M a month...
And, no time frame for the new wells in the Netherlands to come into production.
" We now expect to receive the rig by early Q4 2022, ahead of the schedule outlined in the interim results. The LDS wells will be drilled from the existing Diever well site and will target a combined mid-case gas-in-place of 37.2 billion cubic feet ("Bcf") in the prolific Rotliegendes reservoirs within this licence. The production tie-in period for these onshore targets is very short and, provided success at LDS, would result in significant additional revenue and cash flow for Parkmead."
Question for the experts: if the rig gets into action in October, when should we expect first gas?
There is also no revenue from anywhere else coming in any time soon (wind farm revenues barely pay TC's remuneration). No UKNSCS oil&gas fields have been developed...
So, either the market is being; (i) pretty inefficient or (ii) there is M&A activity in the background supporting the SP.
Which of the two is more likely to be true?
L3Trader
All Bobert knows is how much gas is coming out of Holland......It's pretty irrelevant considering there's two wells going to be drilled in a few weeks time both with a 50% chance of success gives a positive vibe one of them will come in if not both !
As you say them that took CDFs took a chance without much consideration ( My heart bleeds Not ) boo hoo.
well, the SP moving to 80p surprised us all, and had upset the people who took CDFs that it would drop to 40p again... sometimes you win, sometimes you lose....
clearly something is in the works. rob12, what do you reckon is about to be announced?
atb,
L3
Once again, my thank you to robs12 for his posts. I agree that it is unusualthat PMG issues a RNS so shortly after the end of the financial year. Also, the RNS is very poorly written, as robs12 mentioned. A lot of "truthful" info that is misleading (we want to know net BOEPD, not gross BOEPD, e.g.). Also, the revenue in H2 didn't quite reach even €10M euros... Why, because in H1 it was £4.6 million. An since in FY was " is now expected to exceed €14.5 million", the difference after converting euros to GBP, is now more than £7.5M in H2. So nothing extraordinary, really. This means that the cash balance will not have gone up by more than £6.5M in H2, as there are expenses.
As far as PMG being able to fund drills in GPA or Skerryvore .... I say it just won't have the money to do it. It will have to farm out part of its WI. I say to TC, just let go some of the WI, but get going. It really is about time (a decade is gone) he does something.
Today's RNS is positive, but apart from confirming the 2- gas well campaign in early Q4 didn't add anything that regular posters didn't know. Robs12 has been very kind (thank you Robs12) with his posting of the production data, so we knew where PMG was. The cash balance should now be above £30M, and with a bit of luck another £10M will be added to it in H2.
Now as far as the upcoming 'LDS' two-well campaign in the Netherlands, since PMG's WI is small, finccap estimates total net cost at €1.5M. So, no need to raise cash.
Nevertheless, T Cross really needs to get his act together and either farm out the GPA licence or get going with Skerryvore (WI of 30%) asap, . The lack of a deal over a period of 10 years is unexplainable.