Member Info for LivintheDream

Hi Alessandro - I believe that there are regulations to be followed in share buy back schemes (especially around the time of company anouncements/results etc) as to how much they can buy. A £3 million share buyback was started by the company in November and by 20/02/19, they had already purchased £2.2 million worth of shares. They then announced that the buyback scheme would be extended upto a total £6 million buyback programme where the company feel that the share price does not reflect the companies assets, bank balance, etc
Personally, I am holding here for the dividends and I know that more production will come online soon, with appraisal wells to follow - but it is unusual for a sustained period of silence from the BOD - any previous delays to infill drilling were reported by the company and the share price has remained steady (with the help of the share buyback programme), so I don't forsee any problems - I'm sure all will be revealed in the next RNS -hopefully very soon

Alessandro, Peel Hunt have been continually raising the target price for ELA for the last 3 years. The most recent price would be based (i'm guessing) on the 2019 operational guidance RNS posted back in January - and we've not had any further operational news since - so there is still plenty to come from ELA on infill wells, development and appraisal drills - I'm just surprised we've not heard nothing for so long. It should also be noted that Peel Hunt included ELA in their "doublers" list on 18th Dec 2018, of shares expected to double in the next 2 to 3 years - the ELA price on that date was approx. £1.10 - so still plenty of room to go. Also, the company have stated that they will start paying dividends end of this year/early next year as per a previous RNS - ELA have a great management team and are normally communicative with shareholders on operational updates on good and bad news - so this prolonged period of no news is unusual

Things have gone so quiet here lately, I missed the revised 193p target price by peel Hunt on the HL website.
The operational guidance RNS posted at the start of the year, highlighted plenty of drilling activity - but no significant update since. Still, with no news and dropping oil prices - the share price has held up well - hopefully we'll see that 193p by end of the year.

Hi SOB, I've just checked the KCA website and it states "The contract extension, which is for the provision of drilling operations and maintenance services, came into effect on 1 March 2019. It has an initial term of four years plus a two year extension option.", it also states that KCA have been the drilling contractor on the scott platform since 1992. From their statement, I have assumed maintenance and servicing and then drilling operations when ready? (although it's 3 years till scheduled FOIL and the contract extension is only for 4 years +2 more optional)
Also, Is the rig still warm stacked? It's been so long since the RNS on this subject - I don't know how long they would normally warm stack?
Unfortunately, I don't have a lot of knowledge on O & G operations (and rely on knowledgeable posters on BB's and other sources of info), and so it is more than possible to have not fully understood the O & G terminology on their website

apologies for the questions

With no info from Tom, and quick search on the web, I see that contracts are being now being awarded for the scott platform, with KCA Deutag getting a 4 year extension on 24/04/19 for the drilling contract. Other smaller contracts are being awarded, crane operators and pipe cleaning (de-scaling).
Considering this platform was under threat 18 months with the rig to warm stacked and the crew laid off - it all seems to be moving forward - just one thing missing!!! an RNS from Tom!!!! - i can wait!!!!

This is my first post on the JOG as I am not currently a shareholder but have had JOG on my watchlist for sometime, without buying, and I noticed last week (whilst on holiday checking my watchlist) that Richard Griffiths has bought large amount of shares. I have seen his name appear on Holdings Notice regularly with other shares I hold, ELA and HZM. With ELA (Nigerian based Oil company), he has been steadily increasing his holding over the last year or so and the share price has grown steadily with first dividends lined up early next year. At the same time, he reduced holding in HZM (mining company based in Brazil) from approx 11% to 7% and then a few months after, the share price tanked (down approx 50%). My point here is Richard Griffiths seems well connected and his presence here must be a good sign as he didn't make the sunday times rich list by being lucky - I will do some more research and may buy soon - follow the money (or Mr Griffiths)

OGA pathfinder update on Perth - slight delay on dates

The Perth development is located in block 15/21C in the Outer Moray Firth. The initial Core Perth development will comprise up to five production and two water injection wells (phased) tied back via a dedicated manifold. The chosen development concept is now a subsea tie-back to the nearby Scott platform, which is circa 10.45km away. The project is scheduled to get OGA approval to go in to FEED in April 2019. FID is planned for Q4 2019 with 1st hydrocarbons currently planned for 1H 2022. We are currently executing a number of scopes with our chosen engineering contractors. We are not looking for any additional support from the supply chain at this time.

https://itportal.ogauthority.co.uk/pathfinder/currentprojectsindex.html

Are the Verbier results the last piece of the jigsaw for the GPA feed? Tom has mentioned on several occasions the results of the drill could have a favourable effect on polecat and marten. Had the appraisal drill delivered the anticipated 125milboe, perhaps equinor may have contributed to the GPA hub, but now, they may ditch it and leave JOG to go to PMG on unfavourable terms to get the oil out via the GPA hub. if equinor walk away,any contributions that may have been forthcoming from them, will now have to be found elsewhere.

PMG hitting (and confirming) the known milestones, FEED,FID, etc on this project will be key to which direction the SP goes, any slippages without good reason (or update as to why) and the SP could get hammered.
FWIW, I work for a small engineering company and we were asked to submit a budget quotation for "topside modifications" for Perth - End User - PMG. The quote was submitted back in Jan 19, and no news yet. I keep in touch with engineer who dealt with the enquiry - and it is being considered with other tenders. we, as a company don't have a great conversion rates from quote to sales on API systems, and we wouldn't expect any news for a couple of months, but may need to submit a more detailed quotation, but I will update when I get further news, good or bad!!

SOB - thanks for the response, so only approx. 10 employees at PMG, this seems a very small number when you consider the amount of new licenses acquired to explore and FDP/negotiations on existing licenses such as GPA. I am getting a clearer picture while things are not moving as quickly as investors would like it to. I have invested in a few other AIM energy stocks and none of them have the variety/size of assets as PMG (except HUR which is able to focus solely on Lancaster, and progress it quickly).
It will be interesting to see if anything regarding the JV with CLNR for the SNS licences comes to anything. I have a small investment in CLNR and the OGA extension for the SNS licenses expires at the end of this month. It may be extended again, OR they may lose the license (unlikely), but 2 years looking for a JV and things have a whiff of panic on the CLNR BB, this should be right up Tom's street.

SOB - interesting article, the line that interests me is that "at least one deal is likely before the next set of figures". I am assuming that the next set of figures will be in next March, and not including the scheduled licensing rounds, all of Tom's most recent deals (since I invested here in april 2016) are buying out JV partners, so where is he going to accumulate from now? Any license awarded from the Greater Buchan licensing round will be after "the next set of figures", so presumably he has he eye on something else? and developing existing licenses (other than GPA) may not be the priority just yet (although I'd be happy to be proved wrong)
Also, does anyone know how many staff are are employed at PMG? I get the impression that they don't have huge staff numbers (but definitely top quality), so I am only asking as I don't know, and have no experience of what it takes to operate an small cap circa £60 mil cap O & G company.
if there is no significant news over the next few months, this will drift down - anything sub 50p and I'll top up again.

Whist hoping for a positive update in a few weeks time with tie back to the Scott platform with Nexan, I would also like an update on the 100% owned P2209 License (50% purchased from Verus August 2017). This license has dropped off the radar somewhat and contains the Farne prospect with estimated total of 175 bcf gas, but the blocks contained within this license 42/19 & 42/20b, are directly adjacent to the 100% CLNR licenses P 2252 & 2248 containing an estimated 1.9 tcf gas. I have a small holding in CLNR and they have been seeking a farm in for over 18 months and have until the 30th November to sort a farm in partner or drill or drop. Tom Cross must be a frequent visitor to the CLNR data room and PMG and CLNR already have a JV from the last licensing round. CLNR can't afford the drill costs on their own (estimated at £8 million using a jack up rig) and keep raising funds and getting the license period extended to help them secure a farm in partner. CLNR have enough funds to last until December, before another fund raising is required, so I would not be surprised if it is announced that PMG are a farm in partner here. It would make it more commercially viable to develop all the blocks together with them being adjacent to each other. This is all speculation, but even the respected poster Mary Mullins has mentioned a possible tie up between CLNR and PMG, hopefully all will become clearer soon but with no updates from the company speculation is the norm for shareholders here - still lots to look forward to, if we have the patience!!!!

John, I can't disagree with your post, and many holders who bought in early, will resonate with your post, as progress has been painfully slow and with no updates from Tom, frustration builds and it's easy to look elsewhere for better growth prospects. But we shouldn't forget that the "accelerated Dana" program was being constructed during the oil crisis which took many oilers to the wall, but PMG remains, with no debt, money in the bank, low cost income and a significantly greater asset base than when i first invested two and a half years ago. At some point, hopefully soon, progress will be more evident, leading to detailed updates from the company (instead of searching for other sources of information such as the OGA website) The company mission statement is "Building a significant E & P Player", they have the assets, the team, but do we have the patience?

Still no news from TC on the tie back to the scott platform, but there is an update on the oga portal project pathfinder dated 15th october see link below

https://itportal.ogauthority.co.uk/pathfinder/currentprojectsindex.html

the update reads as The Perth development is located in block 15/21C, approximately 6 km south of the Tartan platform. The initial Core Perth development will comprise up to five production and two water injection wells tied back via a dedicated manifold. The chosen development concept is now a subsea tie-back to the nearby Scott platform which is circa 10.45km away. The project is scheduled to get OGA approval to go in to FEED in March 2019. FID is planed for Q4 2019 with 1st hydrocarbons currently planned for late 2021. We are currently executing a number of scopes with our chosen engineering contractors. We are not looking for any additional support from the supply chain at this time.

Does anyone know why this information would not be disclosed to shareholders?

on 29/03/18 Hansa Hydrocarbons was taken over by Discover Exploration. Hansa was the main operator of the Pharos gas field with a 46% stake and with PMG having 31% www.subseaiq.com/data/Project.aspx?project_id=1651. The HH website previously stated that an appraisal drill was to be undertaken this year, but a few days prior to the take over, any reference to Pharos was removed from the HH website, and no reference of Pharos is mentioned on the Discover Exploration website, but all previous HH assets are listed. So who is the main operator of this gas field? has a deal been done during the DE take over?