Member Info for NoQuestionMarks

Thanks AB76,
Page 18 confirms API at 30-32.
Still nome the wiser on the H2S though, the report just says 'high'

Any idea how many energy customers we now have?
My estimate is around 1.5m.
If 1.5m is about right this puts us on a par with the likes of Octopus and Ovo and gives us around a 5% share of the market.
Good strategy?
It is never going to be a big earner, but if we can turn a small profit and keep supplying "100% renewable energy" the brownie points earned are worth the hassle.

My notes say that the core Perth Area has an average API gravity of 31% and sulfur content of 0 735%.
I have no idea where I got this data from and was wondering what data you have for the field?
Thanks in advance

The RDS media release.
https://www.shell.com/energy-and-innovation/new-energies/new-energies-media-releases/shell-signs-deals-to-drive-development-of-uk-utility-scale-solar.html

Thanks for all your informative posts NSS and BB, they are very much appreciated by me.
Whilst high oil and gas prices are great for the business, they also feed the demonisation of the oil and gas industry in general.
Brent at $60-$70 and UK Gas futures at 60p per therm would serve us well whilst keeping the green lobby at bay whilst we try to navigate a profitable route to net zero.
We need the majority of the public with us, most are but for how long?

Could be trouble ahead for us with the spectre of secondary sanctions being imposed.
As long as Iran own 50% of Rhum, whether it is a strategic UK asset or not, it is a concern.
Would Iran sell? I think not, Rhum gives them a little leverage over the UK which I guess they enjoy.
Does anybody know if they could be forced to sell by the UK government?
https://reut.rs/3ud263l

In a future licencing round the block would certainly be in demand I would assume.
I hope we haven't lost it, but all evidence tells me that we have.
The company needs to communicate with its shareholders.

The licence no longer appears on the oil and gas authorities map of licenced blocks.
So, the block now is unlicensed.
All information available to me shows that P1242 is now back in the 'ownership' of the oil and gas authority.

The Platypus licence

A confirmation from the company that we still have the licence would be an idea wouldn't you agree?

Yes, we have been waiting on GPA for years.
The Platypus licence P1242 expired at the end of July.
News is long long overdue, when it comes it may not be good news...
It pays to keep a balanced perspective imo.

Dutch gas futures pulled back from €70 to €63 and PMG failed to break through the resistance at 56-58p.
Without official news, or another spike in gas prices I can't see a reason for it to go higher.
Just my opinion

Such a tricky call with PMG as news could come anytime and with little free float it could rocket.
However, I sold 50% yesterday morning as the current spike looks to have ran out of steam for now IMHO.
50% held just in case.

LivintheDream,
I have been here since around 2009.
The highest price I paid was in excess of £2.
However, by increasing my holding hugely, buying most of my holding under 35p and trading the peaks and troughs I have an average below Tom's.
I suspect many long term holders may have done the same.
We have been patient and loyal when very few others had any faith in the company and its prospects. The lack of communication and related party transactions left us open to suspicion and ridicule.
I hope there is something substantial behind this rise, we are hitting resistance now so the next few days will be telling IMO.
Good luck

scott240,
Would you mind sharing what you've heard?
I have thought for some time that Tom may try to take the company private...Ever since the concert party was formed actually.
If deals are close to conclusion, now would be a great time to try to pick up the 80 million shares his concert party doesn't own 'on the cheap'
Who would take £1 a share?

LAST LITTLE BIT!
....sharp re-rating.
From a technical perspective, a move above the January 2020 high (50p) would be a strong signal that a base formation has completed since last year’s stock market crash. BUY

...
A free carry on projects for value creation

It also means nil value is being attributed to all of the company’s North Sea licenses, which include a 15 per cent working interest in the Platypus gas field in the UK Southern North Sea, located 10 miles north-west of the West Sole gas field. Discovered in 2010, Platypus was successfully appraised with a horizontal well in 2012 (flow tested at a rate of 27m cubic feet of gas per day).

Berkshire Hathaway backed CalEnergy owns a 26 per cent interest in the license and both Parkmead and CalEnergy are familiar with each other from their Skerryvore area partnership. Bearing this in mind, Parkmead is taking over as operator from China National Offshore Oil Corporation (CNOC)-owned Dana Petroleum which owned a 59 per cent interest. With the license expected to expire in July, expect imminent news on both a license extension and change of ownership.

The Field Development Plan, submitted in October 2019, is based on a two-well subsea tie-back to route gas through a 23km pipeline to Perenco’s Cleeton platform and onwards to the Dimlington gas terminal for processing platform, thus reducing capital expenditure and operating costs. Platypus is estimated to contain recoverable reserves of 103bn cubic ft and a potential satellite field, Platypus East, could add a further 50 per cent to that figure. It is a valuable strategic asset. FinnCap has a combined risked NPV of 5.1p a share on both fields.

Greater Perth Area project progress

Ultimately, the reason why the shares have been volatile is due to the drawn-out process of developing Parkmead’s Greater Perth Area (GPA) oil hub which has potential to deliver 75m to 130m barrels of oil equivalent (boe). GPA includes licences covering the Perth and Dolphin fields in the Moray Firth area.

Clearly, last year’s collapse in the oil and gas price impacted all operators, but equally the rapid bounce back means that the economics of the GPA project have improved dramatically since last autumn. Parkmead’s directors estimate that every $10 per barrel increase in the oil price adds £130m to the P50 post-tax net present value of the GPA project.

Moreover, the board is currently considering a draft commercial offer from the Scott field partnership, led by CNOC, to explore terms of a sub-sea tie-back via the Scott platform located six miles away from Parkmead’s GPA oil hub. Parkmead is also in discussions with other operators in the area. FinnCap have placed a £112m NPV (103p a share) on Parkmead’s interest in the GPA project, so it forms a material proportion of the brokerage’s total risked NPV of 161p a share.

Share price catalysts for a re-rating

The catalyst for narrowing the gap between Parkmead’s reported net asset value of £68.9m (63p a share) and its £43.8m market capitalisation is likely news flow from GPA, Platypus or development of the Aberdeenshire wind farm. Progress on any one of these fronts has potential to spark a sharp re-r

Here it is BJoe.
(I've had to split it into two posts)
Priced for a slick recovery

A cash-rich oil and gas exploration company with interests in renewable energy is trading on a 75 per cent discount to analysts’ fair value of its assets.

April 20, 2021
By Simon Thompson

• Gas prices more than treble from 2020 lows.

• Land sales boost net cash.

• Platypus and GPA projects offer scope for positive news flow.

Shares in Parkmead (PMG:40p), a small-cap oil and gas exploration and development company, have endured a roller-coaster ride since I first suggested buying them, at 37p, in my 2018 Bargain Shares portfolio. At the time of annual results (‘Bagging a value stock hat trick’, 23 November 2020), I noted the investment risk, at 34p, was skewed to the upside. It still is.

The value case has never been in doubt: net cash of £21.1m equated to half the company’s market capitalisation of £43.8m at the end of the company’s first half (31 December 2020) and that  sum has since been boosted to £24.4m (22.2p a share) following last month’s disposal of surplus land in Aberdeenshire.

Parkmead still retains Pitreadie Farm – worth £6.2m (5.7p a share) at cost – and has identified a 1,236-acre segment of the site which has potential for a 20 MW wind farm. The land is adjacent to the Mid Hill Wind Farm which operates 33 Siemens wind turbines with a total generating capacity of 75MW. Analyst Jonathan Wright at FinnCap believes that the windfarm could be worth £30m at start-up (£1.52m per MW) and supports an unleveraged net present value (NPV) of £9m (8.6p a share) to Parkmead.

In addition, Parkmead owns interests in a low-cost onshore gas portfolio in the Netherlands, which has an average operating cost of $9.9 per barrel of oil equivalent, or less than a sixth of the current spot price. The gas price plunged to historic lows of €5 per megawatt hour (MWh) in the company’s first half, but has since rebounded to between €16 and €18 per MWh in the first quarter this year. Wright values the gas portfolio at £15.5m (14.3p a share).

Effectively, the combined value of cash in the bank, the Netherlands’ gas portfolio and Pitreadie Farm are worth more than Parkmead’s own market capitalisation even without developing a windfarm..

In case you missed them
https://polaris.brighterir.com/public/deltic_energy/news/rns_widget/story/x8qy59x

Update on efforts to restart GoM production. Appomattox was seemingly brought back online on Sunday.
https://www.wsj.com/articles/shell-pushes-to-restart-oil-platforms-after-hurricane-ida-11631532598?redirect=amp#click=https://t.co/nc1RaxE4p6