Member Info for Mommur

Very quick farmout of the irish licence to Nexen. Keeping 20% is fine, but we are of a size now that I was expecting more skin in the game, or why bother applying for the licence.

Whilst I have been adding myself in the 49-53p level, I am surmising this drop below 50p is a rebalancing after most oilies retreated whilst PMG "bounced on its bottom". For my pain FPM & SQZ have hopefully "bottomed" I keep telling myself PMG is cash flow positive, debt free and had £28M in the bank in June2016. So maybe you are not so foolish holding on to some stock. Perhaps as T Cross admired FPM's business strategy, he is following in its steps and disregarding SP whilst accruing MC. I do suspect at this stage in the cycle, that PMG will eventually pull the rabbit from the hat.

Please don't take this as a negative view on FPM, as I am a long term holder since 2008, on a core holding, which I have added to over the years. This is a very well run company that has increased its market capitalisation from circa £70 million to where it is today. Unfortunately macro events have seen the share price rise from the 70p range to just over 200p and a long decent down to circa 50p, before recovering to the here and now. On occasion I have had replies back from FPM, regarding the disparity between MC and lack of movement in SP and perhaps market forces this cycle will feed through into the share price. Now Bone is out of the way, focus will be on infill and assets this year, so in my opinion only we should see some upward movement. Don't disagree with anything OLI12 has commented on. FPM is adept at buying assets, so it wouldn't surprise me if another deal was in the offing. Good luck - hope that helps but DYOR.

The only consolation I could opinion is that PMG has been resilient around the 50p level, whilst other E & P in similar positions with no debt, have retraced. Personally, I have been adding at this level and time will tell if I am wise or unwise!! Deals at present all seem to be going the way of Private Equity, rather than cherry picked by the likes of PMG and others. Keep the faith, as debt free at the present time is sound. Although I seem to be patiently waiting with PMG, SQZ and FPM and not liking the retrace!

Concur with your forward thinking Vlad, although I would add a caveat. I have had a long term holding from 2008, which I have added to at appropriate times, and still have a substantial holding, which I have seen reach the dizzy heights of >200p twice and then falling back last year into the low50/high 40's. In this time I have seen the Market Capitalisation go from circa £70m to its now £375m along with a huge increase in the number of shares, (3x). The management are working long term to build a successful company, but it has never truly been reflected in the share price. Perhaps this time the company will accumulate value, which reflects in the share price rather than go for the next great deal at expense of shareholders

With Delek buying Dana's tranche of FM and a takeover bid for IAE this morning, its a tad quiet here?? FPM had a pretty good travel from the 50's to here, and fundamentals are sound. Dazzler strike may ignite things.