Member Info for NoQuestionMarks

It was reported that Jeremy Hunt rebuffed calls to set a floor on prices but might review inserting a clause to end the EPL before 2028, if and when prices drop.
That is not going to give operators the security to commit cash
On the face of it, a very disappointing outcome for North Sea operators and us as citizens.
This tax grab will destroy any chance of us obtaining energy security for our green and pleasant land.
I expect a U turn at some point, but by then it will be too late, the money will have left our shores.

https://www.gov.uk/government/news/readout-of-the-chancellor-of-the-exchequer-jeremy-hunts-roundtable-with-the-oil-and-gas-industry

I took a small stake here at just under £14, risk v reward at the forefront of my mind as it could have turned very nasty.
This feels like a turning point back to £16-£17 and upwards from there over the next decade
Long term hold for me.

On excessive taxation.
"...we believe that it is a double-edged sword as it disincentives production and will make natural gas prices remain high for more time. In addition, we have a scenario where a considerable amount of players are going to be tempted to exit these jurisdictions and sell their assets. And there is where it comes to the best deal-maker team in the North Sea."

Patience will be rewarded here IMO

A 10% capacity increase on summer 22.
2.1m seats.
255 flights per week.
Our expansion in the south of england is progressing very well IMO.

"Jet2.com has today announced further expansion at London Stansted Airport for Summer 23, with an extra aircraft coming into operation at the base after the company secured additional slots to support its ongoing growth.
The addition of a 15th based aircraft enables Jet2.com and Jet2holidays, the UK’s leading tour operator to the Mediterranean, to add flights and holidays to a huge number of sun-soaked destinations across the Balearics, Croatia, Greece and Turkey, giving customers and independent travel agents even more choice and flexibility.
This expansion means that Jet2.com and Jet2holidays will now operate over 225 weekly flights to 42 destinations from London Stansted Airport in Summer 23.
With over 2.1 million seats now on sale from London Stansted Airport in Summer 23, this represents a capacity increase of more than 10% compared to Summer 22. As a result of today’s announcement, Jet2.com will increase the size of its fleet at London Stansted Airport next summer to 15 based aircraft, rising to 16 based aircraft for the peak summer holiday period."

Blackadder still listed as an asset on the PMG website despite the licence being relinquished at the end of September.
Not really cricket is it?

From Deltic's interim results 24th of August 2022
"Deltic has been informed by the Operator, The Parkmead Group, that a farm out partner could not be found to assist in the maturation of the Blackadder prospect, and that a positive well investment decision could not be taken within the current licence timelines. There are a number of technical challenges with the Blackadder prospect, including inadequate seismic image quality associated with the legacy datasets and a structurally complex setting. The Operator has recommended that the licence be relinquished and the NSTA has been informed that the partnership intends to relinquish the licence at the end of the current licence term on 30 September. "

johnpwh,
I think you have made a wise move, negatives beginning to pile up here.
The only saviour for this company is GPA.
Not really an investment, more like buying a lottery ticket.
All the best.

Each to their own as they say.
I planned my exit strategy following the relinquishment of the Platypus licence.
The lack of ambition when presented with a gift horse like that killed any remaining confidence I had in PMG.
I got out with a meagre profit on paper, when you factor in having some cash tied up in this dog for over 10 years it has cost me plenty.
However, I am confident that getting out was the right decision, for me.
Holders should take a long hard look at the company, and at themselves in my opinion.
You could lose everything here.

People's purse strings are going to be tight over the next few years.
What these results demonstrate is that jet2 can survive where others will fail.
Surely the Uk's No1 package holiday operator in 2023.
I am holding for £12+

Yet more impairment costs.
Bad luck or poor management?
"An impairment of goodwill was recorded in the year of £2.2m (2021: £nil) relating to historic contracts held by the Group's benchmarking and economics subsidiary company, Aupec Limited..."

Will they ever turn a profit?

The low of 652p on the 13th of October is hopefully a bottom we won't see again for a long long time.
Steady volume has resulted in a rapid rise to 850p, getting ahead of technical indicators.
Will we hold it?
I'll be happy if we can hold between 800p-900p in the run up to interim results on the 24th of November.
We get the Autumn statement from Jeremy Hunt on the 17th of November, a week for markets to digest, and then our results hit the streets.
The worst is behind us I hope.
Good luck all

Delek bought Ithaca for around $650m... 120p per share rings a bell.
Ithaca recently bought siccar point energy for $1.1bn.
Market cap on IPO would be around the $2.5bn mark I would expect.
Delek looking to cash in at the top of the market it would seem to me.

DRB83
See resolutions 14 & 15.
https://d1ssu070pg2v9i.cloudfront.net/pex/kistos/2022/05/11135717/Kistos-Notice-of-AGM-2022-4130-0335-1607-7.pdf

IAG has bounced 9% today after stating that
"Trading during the third quarter has been better than expected due to passenger revenue strength. As a result, we now expect pre-exceptional operating profit for the third quarter to be in the region of €1.2 billion."

Surely Jet2 can follow suit once the market sees our interim results on the 24th of November.
I have bought more this week but am still sitting on an average of 870p.
Good luck folks

The planning application for another 10 turbines at Fetteresso has been approved, confirmed by Fred Olsen renewables on the 22nd of September.
This accounts for the recent rise in SP and the decision to progress Pitreadie.
Today's fall is in anticipation of today's announcement of the cap on renewable electricity prices.
All in my humble opinion
https://fredolsenrenewables.com/news/fred-olsen-renewables-granted-planning-consent-for-fetteresso-wind-farm/

898 blocks
Over 1tcf of gas in undeveloped discoveries in the 4 priority clusters

https://www.nstauthority.co.uk/news-publications/news/2022/nsta-launches-33rd-offshore-oil-and-gas-licensing-round/

Serica and KIstos both have track records of increasing gas production whilst at the same time lowering carbon intensity.
Parkmead were a partner on Platypus and Pharos, the 'work' was done by the operators.
Parkmead are a partner at Diever, Vermilion do 'the work'
If you were the NTSA would you seriously hand a cluster that you want to produce from in under 5 years to Parkmead?

I would not.
To be clear, I'm not invested in PMG but am invested in Kistos and Serica.
Good luck

The 33rd offshore oil and gas licensing round is now open.
The north sea transition authority have identified 4 areas that they describe as 'priority clusters' (areas ripe for development)
Priority cluster 2 is the Greater west sole area. The undeveloped discoveries in the cluster are Platypus, Pharos, Cobra and Hawking.
The NTSA says the combined discoveries could produce over 350bcf.

What a shame that PMG relinquished Platypus & Pharos.
The NTSA have now put a huge 'COME AND GET ME' sign on the licences.
Parkmead have a shot, but with this added publicity I would expect a mid sized player to scoop the cluster up (Serica or Kistos for instance)

Here's the link to the priority cluster document
https://www.nstauthority.co.uk/media/8425/sns-cluster-rationale-accessible-7-october.pdf

Joint venture assets in the UK and Netherlands to be divested for a couple of billion dollars.
Striking while the iron is hot.
https://uk.finance.yahoo.com/news/exxonmobil-shell-initiate-sale-offshore-144602280.html

Good post robs12,
"We are excited about the potential in the southern North Sea"
Blackadder has been reported as relinquished by Deltic Energy which means Parkmead now has no interests in the southern north sea.
Parkmead appear to have managed to snatch defeat from the jaws of victory