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Lots of sheep selling today, we’ve had a great run.
Next leg up could come anytime.
Skerryvore news can’t be too far away.
GLA
Plus, I was expecting a retrace (wish I had acted on it), but as I said I do not want to be out when this pops to a £1 or more if the terms are good.
Added yesterday and today on dip. I agree TC has disappointed in recent times but I still believe he knows what he is doing in an ever changing economic and political environment. Yes, the gas prices are sustaining PMG now and probably will do for a while with additional wells coming on line soon. The key things are that PMG has a couple of good assets and the stars are aligning and I do not want to be out when news does come out for a farm in or takeover.
Brent closing in on $100 a barrel. UK needs energy Parkmead has it all......
Very good post Robs12 puts a lot into perspective. As a vLTH, I also do NOT rate TC highly. He is sitting on a cash pile that is ever getting eaten by inflation. GPA is written off in my mind years ago. He has struck lucky with the gas prospect, if he really predicted that gas would be this high he would have put more on the table years ago. That gravy train will stop soon... then what? Share price is where it is due to hoards running into gas markets.... what this means for me I dont know. Hopefully gets to £1 then I might consider exiting this long and painful journey.
MRC
Shell think differently !
Wow I had missed that post Robs - thanks for putting it up.
For me it confirms that fair value here is closer to 40p if you risk the prospects and account for all the hidden costs coming down the line.
It’s a gamble that TC still has something, and odds don’t look great at his time of life.
Bobert.....
Circumstances have changed Energy Security is real and Parkmead have it available in plentiful supplies.
BJoe, to add a little more detail on the history - originally posted April this year:
"PMG have not drilled a single well as operator since they were formed...
Since then they've also raised £78 million and gained another £6.2m when FPM were taken out. So where is that £84million now?
300boepd from the Netherlands, three windmills and a farm that belonged to TC's wife? And potential.
With much publicity and promise they have acquired multiple licences as operator, none of which have gone anywhere and many of which have been relinquished:
After TC became Chairman in 2010 the first annual report said "During November 2011, the Group completed its first acquisition in the UK North Sea in line with its philosophy of acquiring known properties, in this case the Platypus gas field and Possum gas prospect. The Parkmead technical and commercial experts have a long history and detailed knowledge of these assets making these an ideal first acquisition for the Group."
Hmm...
Platypus 15% (Dana operator) - discovery (flowed 27mcfpd) - relinquished.
Pharos 20% (Dana operator) - discovery - relinquished.
How many ££ sunk into Athena (10% -> 30%), was flowing 7.5K boed (and yet more to be sunk decommissioning?) - partly decommissioned.
NL assets acquired in 2012:
- 15% in Wijk en Aalburg producing field - shutdown.
- 15% in Ottoland oil field development, drilled, tested, due to come onstream 2012 - never happened.
- when acquired these fields (it did not include Diever then) were producing 2000 boepd, and PMG stated "300 boepd net to Parkmead". Strange that, since there was no mention of the royalty that effectively made it 150 boepd....and has been kept quiet for the last ten years. Incidentally, 300 boepd is what they are getting now, including the addition of Diever, which is 80% of the total production.
- 15% in Papekop - note that there is still €3m payable to Dyas if it ever gets drilled and flows...
- 7.5% of Diever - does anyone know if there is a 'hidden' royalty attached to that? When they bought out the royalty on the other three fields last year, they only stated that "The Drenthe VI licence, containing the large Diever West gas field, is not affected by THIS royalty." (My caps). Could there be a separate royalty for Diever, which was also a co-venture with NAM like the other fields...?
- In 2017 they said "including a new well at the Geesbrug gas field to maximise production and early development planning at the Ottoland discovery" - neither happened.
Lowlander - "The addition of Lowlander increases Parkmead’s 2C resources by 29% to 95.3 million barrels of oil equivalent (“MMBoe”)"- relinquished...
Polecat (50% -> 100%) - appraisal well (before PMG got it) flowed 4373 boed - relinquished...
Marten (50% ->100%) - discovery (before PMG got it) - relinquished...
Sanda North and South - relinquished...
Skerryvore - back in 2014 - "Skerryvore site ahead of the prospect being drilled in 2015.."
Get real!
Robs is quite right - his summaries of PMG having a long history of acquiring licences, assets, etc. & trading on the potential for years without bringing any to fruition in spite of numerous appraisal studies, etc., etc.
Very disappointing for LT S' holders but one can perhaps live in hope in the current demand situation that they will actually deliver sooner rather the later/never, instead of missing the boat altogether.
GLA
GPA
As SOTB says GPA is happing !!
Bob and MRC are wanting the share price to go south so they can buy in.... you have missed the boat . £1 before Christmas.
GLA
Bobert
The bottom line is Energy Security.....You can spout off all you want.....GPA will be developed.....Wheels are in motion !