RE: Parkmeadgroup Twitter page18 Jul 2017 09:54
Lsengard7 PDL is nonetheless a valuable resource, although the hub may be able to handle 1 billion barrels the recovery oil that PMG have under licence is perhaps a third of this. There is no chance at all of PMG developing it to production, everyone knows this. TC has said it will probably be Japanese partners. When oil was $100 p.b. the costs were around $75. Charles Stanley did some analysis last year and they came up with a profitable at $38 p. It is known that the specialized pipework to handle the sour oil has already been ordered. I agree it is not the main priority at the moment.
There is so much happening in the SNS. Without doubt the OGA needs to bring it all together and the big question is a suitable off take route that will still make the smaller fields profitable, otherwise we will be back to a stranded asset scenario. It is probably why the FDP for Platypus is well overdue.
Sorry to say even in the Netherlands there are problems, Vermilion the operator of PMG assets have reallocated capital elsewhere as getting permits are increasingly difficult due to the tremors around Gronnigen.
The unknown to me is that VERMILION are extremely good on keeping investors informed (PMG please note) and it is known that the Andel field where PMG have a stake discovered a column of gas far larger than Diever but the quality
was not there. It was planned to do a sidetrack but they have to my knowledge never released an update as to the result
Just my opinion but anyone looking at daily price moves is wasting their time, this has always been one for the bottom drawer.
GLA.
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