Member Info for Isengard7

no better than those companies. Valued similarly to those as well. I think PMG will be stuck in the 30-35p range. If it goes below 30p then there is something majorly wrong with the company beyond what you can see on the surface. One thing is certain. Fidelity got spooked with whatever the they found out....

TC is the Kim Jong-un of AIM

specul8, I agree. TC is rocket man taking PMG on a suicide mission.

How did Canaccord build a stake whilst the shares are suspended?

One last point before I return to my corner. The company has referenced its gas project as acting as a natural hedge. effectively using their income from Diever West to offset their losses on the more risky oil licences. they kept winning new licences but now dug themselves a big hole. very costly to relinquish them. West of Shetland area, they increased the equity from 56% to 100% in April 17. They think it has potential for 280 million barrels of recoverable oil. this illustrates the point I am making. instead of bolstering Diever West and similar gas projects, they're just ramping up on these risky oil licences. I think Fidelity have realized PMG going nowhere with this strategy.

funny how they like to release RNS on winning new licences. But seldom notify us of the ones they relinquish. Just shove a little note in the accounts and hope nobody notices it or complains about it.

allocating the capital to Diever West would bolster their balance sheet. instead they waste millions on pointless oil licences which inevitably slap their P&L like a wet fish. why not give the oil licences a back step. Or is the management that incompetent. I invested in this company nearly 2 years ago, thinking that PMG had a decent management team.

Diever West is low risk. PMG management team are incompetent. Believe me If I could turn back the clock I wouldn't have bothered with PMG. Waiting for dead cat bounce for my exit then I am out of this treacherous company. PMG's finances are run inefficiently. Their losses are largely due to impairments as they have had to relinquish licences. They accumulate pointless licences, waste money on them and don't focus projects that matter like Diever West. interim results that we had back in March. Note 2. Impairment of exploration and evaluation assets. impairment charges of £2,409,000 recorded in respect of exploration licences relinquished in the period. Note 2 and 3, resulted in them making a net loss. That's amateurish stuff; not sure what they are thinking lol. This is company is not as low risk as people think. why waste millions on these very risky licences. why not concentrate on Diever West. its poor allocation of funds that annoys me the most about PMG. They won't make a net profit at year for 2017. They have got too much impairment to release into the P&L. There is likely to be considerable bloatage in their admin expenses as well. you can pretty much write the rest of the year off. 2018 will be a 50/50 depending on whether they allocate their capital to the correct projects.

lol you carry on investing in companies with "excellent websites" meanwhile I will try and avoid companies with "excellent websites" that lack substance

Fidelity are reputable fund managers. They are also known for meeting companies and talking to senior management. i am guessing that the board of PMG including Tom Cross, Percival and Ryan Strougler [the so called chartered accountant who probably brings shame to ICAEW but that's another matter altogether], didn't really cooperate with Fidelity. If you don't keep your shareholders happy they will sell. Tom Cross probably thinking I don't care. But actually PMG did a placing in 2015, raised US$21.1 million (£13.44 million) through a placing. Absurdly that was at 120p which now seems like a scary joke. If they ever need to return to the market for further funds, who is going to trust them now? Nobody will **** on them even if they're on fire now. Company is a disgrace. I will wait for it to do a dead cat bounce then I am out of this dog.

So it is GG. Must be a decent share if your in it then.

but turned out be a duster nevertheless

market responded badly to results

i wonder how long it will remain suspended. could be several weeks for all we know.

other prominent posters torquewrench and ynotdeal.

*a m o n g several posters

*a**** several posters.

pijoe1212, You joined in Dec 16. so you must have been using a different name back then. I am guessing not Peteb as he hasn't posted here for ages. Greygeorge was fairly prominent? i remember there was a lot of debate a**** several posters. andy.p debated with everyone so that doesn't narrow it down lol. but either way you summed up by saying the IR is c r a p. That sums up what I was trying to say more pertinently. just goes to show even a debt free company (opposite of the other one we were in) can have its own problems. After that I thought a debt free oil company would be the way to go. But i learnt from that, as I have a portfolio of stocks now. I don't rely heavily on any single stock.

largely due to management's strangling of the momentum they had on the Diever West gas project. 18 months from discovery to production. but since then momentum on that has completely gone. ordinarily wouldn't be a big issue, if it wasn't such a waste of opportunity. 5000 barrels - they haven't bothered to confirm that its even been achieved. as soon as i can break even on this i will be selling it all off. I prefer companies that seize the opportunity for growth when they have profitable projects. mistakenly thought PMG was one of them.

current shareholders are holding on strong. nothing traded.