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Bear with me, have been sat in the garden in the sun drinking Leffe..
Has TC had enough, and today's announcement is actually that the company is up for sale?
GPA is the biggest asset (potentially) by far. Clearly not a lot of interest in partnerships to date. But this is potentially the real value in PMG, and has been for many years, everything else is noise.
They won't be able to raise any funds to develop it themselves - the value destruction at PMG since 2014 means no one is likely to lend to them, and a rights issue simply won't get taken up. Remember that revenue in 2014 was £24.7m?! Market cap was many multiples of today's - £150m in mid 2014?
The NL gas is a minor sideshow and always has been (irrespective of the dubious cover up over what % they actually had!).
The windmills same. The rescue of his wife's company and subsequent potential windfarm on the site is clearly not going to happen - how many years does it take to get a planning application in..?
Skerryvore may be interesting as an explo well, but PMG have not drilled a well as operator since they formed, and there's significant risk. I suspect they'll offload it.
The Scotland cricket racism link is not great PR given they are main sponsor and his son is in the team...
The old options have all been cancelled out recently and the PMG team have awarded themselves in the money options instead. TC still taking home £500K a year salary - well out of kilter with equivalent sized companies.
Dana was sold for ~£1.7bn. PMG was worth multiples of what it is now a few years ago...TC's in his 60's...he's obviously not going to replicate Dana from where they are now (unless anyone has any great ideas? Few more windmills maybe? :-)), so maybe the best option is to offer the main prize but add the rest of the company too and sign off?
Maybe that's the reason for the unusual RNSs?
The next rns may be the one to seal the deal.. fingers crossed..
Bring on them Big bucks....pmg are on there way lining all the dots up..
Don't take too long Tom,
You are misinformed SRS. Sold none in January but did sell a big chunk in June at a profit (albeit relatively small). And more today. No regrets.
Westmount indeed was a disaster...but looks very good value now. Will probably get back in there later this year.
rob, You must be regretting selling @ 41p in January? Now up over 60%!
And to make matters worse, your punt on Westmount Energy @ 16p is now 3p! Ouch, we’ve all been there m8.
Now I can understand the saltiness, it’s not too late to repair the damage though, 68p will look very cheap soon.
GLA
Boo Hoo
Maybe you didn't see earlier post SRS?? Not buying in again until a deal is signed...and that will depend largely on whether it's a good deal...if there's a deal at all!
GLA!
I doubt you’ll get in any cheaper now rob! You need to bite the bullet and pay up, you’ll only regret it if you don’t.
Have a good weekend everyone.
Seems like the market thought nothing of the RNS too...
That's two inconsequential RNS's this month. Something must have changed to be issuing RNS's so frequently....
...maybe third time lucky and something with a little substance next time?
It's all there in black and white....plenty of oil companies with out reserves will be jumping to get in...The future is bright !
Is already up on the PMG site:
https://parkmeadgroup.com/uploaded/research/finnCap_Research_29.07.2022.pdf
basically copied and pasted the RNS,... true value add....
May production was 264 boepd net to PMG, slightly down from 267 in April, 291 in March.
Graphs of the output from each of the four wells and total boepd on link below:
https://i.imgur.com/YnhbVTs.jpg
Bob
Circumstances have changed over the years Tom has to align his plans with Government bills and taxes. Operators are in the process of looking to electrify it's platforms . This would also fall into the Scott platforms agenda.
Of course Parkmead are now going to facilitste Net Zero into GPA as previously they didn't have to.
Orcadian Energy and Jog have all drawn up there plans and they also await a farm in.
Paying ELP taxes at 25% above $85 profit is a no brainer for the other outfits in the North sea who don't have any reserves to get out of the ground.
Not in for that many years for me SRS. Holding now is a free ride, and Skerryvore yes/no drill news expected in nearish future, so worth staying in for that IMHO.
“ still holding a few” lol
FOMO must be huge after holding all these years eh rob.
Some of the comments here have made me laugh out loud this morning! I can only imagine what BS TSOB is spouting..
To expand a little on my earlier short comment, I view the RNS as confirmation of my fears over GPA progress and have taken the opportunity to sell another chunk of my holding into the spike this morning...still holding a few, but won't buy back in until there is confirmed news of a deal...dependent on the details of that deal...if it ever happens. So, a good RNS for me!
To dissect the RNS a little:
Nothing new in the first couple of paragraphs about GPA potential, has been known for years. No mention of the relinquishment of Lowlander of course, which was for many years the biggest potential field in the area and much made of it when the gained the licence.
Discussing commercial terms with Scott partnership - PMG first announced that they had started commercial discussions with Scott in November 2018, nearly 4 years ago...
No technical issues with transporting to shore - announced in November 2020....
Discussions with leading supply chain companies - announced March 2019, so that's 3 years od such discussions...
Net zero study....they're starting the process of starting it??!! LOL. Would have thought they might have that already in the filing cabinet if they're trying to attract partners..
Starting a farm out process using an external agency - clearly means that they have not had interest from potential partners during all these years ...and maybe TC's deal making and negotiation skills are not what some on here believe...
Oil is important, it's a great investment environment and the oil price is high - yup.
But they haven't been able to find a partner in all these years despite that...
Just explaining my interpretation, and GLA!
Tend to agree, very unusual for PMG to issue such an RNS, for me the last line in RNS says it all "GPA is one of the North Sea's largest undeveloped oil projects and its development would serve to increase the UK's energy security once onstream". The stars are aligning at last!
It's an positive announcement stating clearly the facts that it's time to push GPA on.You seem to forget the chancellor was in Aberdeen a couple of days ago hearing out the smaller oil companies concerns.....It appears the doubts have been put to rest.
Next stop Skerryvore appraisal well news !
Bring it home Tom
This is an admission of defeat.
Time was TC wouldn’t have needed the BS merchants at Gneiss to get a deal across the line.
All this RNS says is that PMG need a farm out….which we have known for 5 years at least.
Knowing Tom Cross’s reluctance to give out RNS’S for the last ten years or so, he must have had the nod from Government that all is good to go, he must be confident.
GLA
The man finally pulled it off....
Woo...hoooo
Not popular at BLOE SCIR or CEG
Money grubbers IMHO
Ditto!....it rejected 60p....again. (out with 25% and missed taking profits twice before - that is trading 25% not to be sniffed at) News of Russia further reducing gas flows spiked the Dutch futures, and it popped past 60. Not a lot of meat in the RNS, I would have thought confirmation of a tie up would warrant an RNS, not a 'we are working on it'. GLA
TRIN drilling as we speak, won’t be selling PMG though!
Its a funny old world, I had two chances to take 25 percent profits but didn't and when I did, it takes off. No hard feelings though, knew the risk of taking early profits when a farmout news was coming, so my own fault. Well done folks. If you're looking to diversify a bit, check our SLE and TRIN, both potential multibaggers like PMG.
Finncap have issued a morning note on Parkmead can anyone paste please ?