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Now that sounds like a plan mrc.. !
Yes, you are probably right. Hopefully once we have some clarity on funding needs of perth. The SP will do multiples and we can either use the cashpile to drill, or issue shares at a much higher SP.
Inclusion of Skerryvore is based on the strong view of Parkmead management that this could be drilled by late 2021"
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Aye add a year due to Covid....... Probably plans are all over the place but have to assume revenue taken care of first !
Seems like TC has given the nod - from the arden research June last year...
"Inclusion of Skerryvore is based on the strong view of Parkmead management that this could be drilled by late 2021"
Gogsy, you can see the license details here (pages 35 & 37 for phases and timings):
https://dataogauthority.blob.core.windows.net/external/Redacted_Licence_Docs/P2406_LICENCE_Redacted.pdf
Summarising, they need to reprocess seismic before Oct this year, then before Oct 2023 to shoot more 3D (or confirm what they have is good enough to make a drilling decision), then Oct 2025 to drill.
mrc...if only! Was just trying to remember when they last drilled anything as operator...?
I will be pretty happy if we drill skerryvore this year. Need a bit of excitement as well as solid development progress
With Davaar, I suspect that it is on a 3 year drill or drop from the date of award. They have 3 years to decide to drill, then 3 years to drill and decide to move forward and develop. Given the lack of any announcement on drilling, it may be dropped at the end of this year, although I suspect that theycould get an extension because of COVID
I find the arden research a good read to remind where our assets are and potential news flow.
https://www.parkmeadgroup.com/uploaded/research/Arden_Partners_Research_25.06.2020.pdf
"Inclusion of Skerryvore is based on the strong view of Parkmead management that this could be drilled by late 2021"
Correction to previous message, should read WITHOUT informing shareholder, which changes the context of the sentence
This is what i don't understand with PMG, they keep applying and get awarded new licenses with no ambition of drilling them, in the last 2 years, they have relinquished, the sandra, lowlander, polecat/marten and farne extension prospects with informing shareholders, but when they are awarded them/increase their stake, the RNS makes it look as they're gonna be all over it....and then nothing. It would be nice to get excited about an RNS stating a drilling program/JV on any license...Still with Tom and the FD on large losses from money invested....it would appear all bets are on the GPA development...whinge over!!!
Hmm...still got the Davaar, initial term ends 2025.
Interestingly P2362 (Lowlander) is also not on the list either...looks like it (14/20f) was relinquished on 30/9/2020....
Wish they'd tell us this stuff...we'll only find out when scrutinizing next years annual report...
According to the OGA website the licence with Sanda in it, is no longer active - so given up
If I remember correctly, the initial term of the Sanda license runs out next month (maybe this month?)...and the work program was a drill or drop well, + reprocess 3D....so I guess PMG will lose it.
Deep pockets for west of Shetland...... Siccor point were going alone for the Cambo well before Shell took a stake at the last minute.
From Nov prelims (High-grading of renewables portfolio underway with expected divestments of non-core acreage)
Could the WOS be in Toms thinking? Sanda +Davaar prospects could contain 500 million barrels.
Would probably be to expensive for PMG to develop, but could be of interest to RDS or BP who are still interested in WOS which is the best bet for future growth (Energy Voice).
£4 is a nice round number...........
Apologies, "load" should read "loan" in post below!
It's a while since I worked it out, but before the windfarm deal when TC effectively traded a load for more shares at 50p, he had invested approx. £13.3m in PMG, at an average price of 70p/share, and has some 9m in the money options with exercise prices of 35p and 41p. So after the farm deal, the average is a little lower, but still well above the current SP.
The finance director, Ryan Stroulger, has invested some £250K at an average price of £1.56/share, and has approx. 420K options also.
They'll certainly be wanting a decent return on that.
TC's highest buy was £2.55 so I would think that would be the least he would sell for, just my opinion.
But 70p would definitely be a good start.
Recent high around 70p would be good start.
I think someone said TC was offered £1.40 per share a couple of years ago and declined? Could go for more than that now that oil is back in vogue.
Hopefully.......its been a patient and long ride so far, long termers deserve it!
£1 plus ?
Nm