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FT this morning, on the basis of this happy to be back on board and content to give PMG 6 months. "Hedge fund manager Pierre Andurand, one of the most storied oil traders of his generation, has a simple message for Opec and Russia as they meet in Vienna to discuss raising output: do not shoot all your bullets just yet. The oil specialist, who has returned investors in his eponymous $1.2bn fund 135 per cent net of fees in the past five years, warned the cartel that trying to cap the oil price rally too aggressively right now would leave it short of capacity in the future. “Maybe Opec can cap the upside for oil in the short term but it would be incredibly dangerous for them to shoot all their bullets now,” Mr Andurand said in an interview with the Financial Times at his offices in London’s Knightsbridge last week. “There is very limited spare capacity in the market so I think they will be careful about how much they raise, otherwise they risk creating problems in the future if their additional supply is easily absorbed.” The France-born trader, who spent time with Goldman Sachs and Vitol, the world’s largest independent oil dealer, before entering the hedge fund world a decade ago, has been consulted by Opec members before about the outlook for oil"

Interesting 24hrs for IMM. Content to hold and wait for some positive news. This morning at one stage up 12% now a more sedate 4% with small buyers and big sellers....

BERKELEY ENERGIA LIMITED NEWS RELEASE | 30 August 2017 | AIM/ASX: BKY Berkeley Energia signs US$120 million sovereign wealth fund strategic investment to bring Salamanca into production Berkeley Energia ("Company") is pleased to announce that it has entered into an investment agreement with the sovereign wealth fund of the Sultanate of Oman agreeing to invest up to US$120 million to fully fund the Salamanca mine into production. The investment will position the fund as a long term strategic investor in the Company as well as a potential offtake partner, and is structured as: ·    an interest-free and unsecured convertible loan of US$65 million which can be converted into ordinary shares at 50 pence per share resulting in the fund owning approximately 28% of the Company; and, ·    three tranches of options convertible at a weighted average price of 85 pence per share contributing a further US$55 million towards the later phases of the Company's development of the Salamanca mine resulting in the fund holding a further 9% of the Company. The investment is binding on the parties and is subject to approval by the Company's shareholders. The fund will have the right to appoint a non-executive director to the Board and has the right to match future uranium off-take transactions on similar commercial terms subject to certain limitations on volume. A summary of the key commercial terms of the investment by the State General Reserve Fund ("SGRF") is included below. Managing Director, Paul Atherley, commented: "We are delighted to welcome Oman's sovereign wealth fund as a long-term strategic investor in the Company and look forward to working closely with them to realise the full potential of the exciting Salamanca project. The Salamanca mine is one of the only major uranium mines in development in the world today at a time when spot uranium prices are at a decade low. The project benefits from a rare combination of low up front capital cost and very low operating costs and due in part to its location in the heart of the European Union we are able to contract supply at prices well above the current spot price. The fund's interest in matching our future off-take contracts will further enhance our revenue stream." Mr Tim Keating, Private Equity Manager for Mining and Resources, State General Reserve Fund commented: "The Salamanca mine matches our investment criteria of being a long life, low cost mine development opportunity with outstanding economic fundamentals. We are excited to partner with the Berkeley Energia team to unlock the full potential of the Salamanca project." Canaccord Genuity London acted as corporate finance advisor to the transaction.

According to the FT tear sheet they had about 30 million aus $ in cash end of 2017. Since then the Oman Wealth Fund has invested a substantial amount into shares. See previous RNS for details.

Show me the news! While the late bounce yesterday was exciting this share has been subject to speculation and ramping. Most investors want to see solid news to support the 11% rise. As you say there may or may not be news later today, hopefully an RNS with good news.

http://www.lse.co.uk/AllNews.asp?code=qdrh1edb&headline=Crude_Oil_Rallies_After_Inventories_Report Positive news.

http://www.lse.co.uk/AllNews.asp?code=qdrh1edb&headline=Crude_Oil_Rallies_After_Inventories_Report Wait and see where the sp goes over the remainder of the summer.

https://seekingalpha.com/symbol/UUUU BKY is not yet producing material and the Oman Sov Wealth Fund has invested with options to buy more shares at around 50p? Once BKY is producing Uranium and the Oman Options have gone then our sp should follow fellow miners like UUUU.

Sorry for double post below, missed end of market but have left a fill or kill order at 61p to buy another chunk. I have followed PMG for some time, sold at 56p months back and strongly suspect this is a blip not a major dip. Oil prices and the sp may dip over the summer but confident of a double digit return by year end.

A 6% pebble rather than a stone. Should it drop further tomorrow would not sweat about buying some more as I am confident the potential plus existing oil and gas income will see PMG re rated later this year. Suspect a bit of shorting rather than any fundamental concerns.

A 6% pebble rather than a stone. Should it drop further tomorrow would not sweat about buying some more as I am confident the potential plus existing oil and gas income will see PMG re rated later this year. Suspect a bit of shorting rather than any fundamental concerns.

Disagree the business and shops will adapt not disintegrate.

While the sp and news are very gloomy I note that on the LSE home page most weeks a small pharma or biotech is listed as having enjoyed a double digit boost in sp on the basis of fresh facts or news. I invested in the belief that this will occur for IMM. Those who have held shares in something on and off for years like Oxford Biomedica will recognise that there are long periods of flat lining sp until the science is proven and deals signed.

OPEC news from the FT Oil still at $75 barrel: "Iran’s oil minister will resist a Saudi Arabia-led push to raise crude output, putting the two Middle East rivals on a collision course ahead of a closely watched Opec meeting at the end of the week. Bijan Zanganeh said he did not believe a deal to relax production cuts, put in place nearly two years ago amid a global supply glut, could be reached at the oil cartel’s meeting, insisting the group was not an “American organisation”. “Opec is not an organisation to receive its instruction from President Trump,” Mr Zanganeh said on arriving in Vienna for the talks."

While I agree the FOBT is going to happen at £2. I believe that long before 2020 the sports betting prospects in the USA will have boosted the sp beyond any losses from FOBT.

My only reservation is the debt is a bit higher than I like but WMH pays a dividend and has been 10% higher just a few weeks back. DYOR.

I should add that the FT tear sheet for PMG says Book Value per share .6592 and "Parkmead Group PLC appears to have little financial risk as the company holds a substantial amount of cash on its books with little or no debt." In short, trading at about book value and no significant debt.

Sold and took profits a while back but having watched it sail to 80p and then drop back to here I just purchased 5000 at 61.45p ish. The potential of North Sea Gas and Oil such that PMG looks worthy of a punt imo.

A sensible summing up but I am more optimistic over time scales and believe better science news re the Lupizor trial will see a re rating later this year. Bought in after the major drop and currently about 10% down on a small punt. Content to hold and wait and see, will stop loss if -20% is reached.

Just purchased 3000 more at sub 280p which I think is cheap.