Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Scoredagainsteps - last month was 435 boepd. Not everything's been reported this month yet, though LDS is looking good.
PMG produce no oil, only NL gas ...and they just sit on Vermilion's coattails in NL, so are not going to get to producing any oil for many years, if they ever get to drilling.
Down very slightly from November, but Diever appears back on stream, and LDS looking good.
435 boepd net to PMG:
https://imgur.com/vCVhYNQ
Sale of East Gamma? At best it's 15mmbbbl recoverable if there's anything there at all... it's many years away were it to actually get to drilling stage. What do you value that at then? Another year's salary for TC at best? More likely no cash at all, and just a small % if it get's to produce some time in the distant future?
PMG won't get cash to drill Skerryvore, they will need to farmout a large % to an operator who will actually do something with it (if they fancy it). PMG don't have the capability as an operator or to drill a well (they have never drilled a well since they were formed). They may get a small % left as a free carry if they find a partner willing to take it on. But can't see anyone rushing to sign on the dotted line, it's been sitting there on PMG's desk for many many years already - it was first described by PMG as a 'drill-ready prospect' over 10 years ago...
P.s. A little surprised the SP didn't tick up a little on the LDS-1 flowrates, but then again maybe not, it's pocket money and there's little left in terms of real growth potential for the company.
A long and solid history of failed projects with much hype and no actual results (other than those managed by other companies) means there's little to interest investors now.
I didn't realize until recently that the stake PMG took in Faroe Petroleum many years ago (2007) was actually bought some years before TC came on board as CEO (2010).
November's production rates now published.
The bad:
- Brakel is still shut in and not producing - since March. Is it a gonna?
- Diever is shut in and produced nothing.
The good:
- Geesbrug is bubbling away.
- Grolloo is back up again to levels of a few months ago.
- LDS produced more than 4 times previous month's figures (>24m Sm3), and plenty of condensate (>1,300 Sm3)
The previous six months' average production net to PMG was 236 boepd. November's figure was 445 boepd - the highest it's been since December 2020, and that's with Diever shut in (hopefully that's only temporary). If Diever was producing at the same rate as in October then it would be up near 600 boepd - in line with 2019 levels.
Nice. GLA!
Production graphs if anyone interested:
https://imgur.com/WKXb6RT
PMG don't produce any oil, and if they ever do get around to drilling Skerryvore it will be several years before it is producing.
None of their multiple oil 'assets' that they have acquired since they were formed have ever come to fruition, so nobody in their right mind is likely to attribute any significant value to the few licences they still have an interest in.
The gas price might be up a little, but their production figures are lower than last year. The new LDS well now has two months production reported and it's not looking inspiring - 5000Sm3 produced in September and October.
Net production to PMG is 275 boepd (October latest figures, November's figures should be out in a couple of weeks) - lower than a year ago, even with the new LDS well now producing. No wonder they haven't announced it...
Production graphs here if anyone interested:
https://i.imgur.com/PIAS4ZP.jpg
The Company’s Annual General Meeting (AGM) will take place at Aloft Aberdeen TECA by Marriott, Gough Burn
Crescent, Dyce, Aberdeen AB21 9FY at 9.00 a.m. on 21 December 2023.
https://www.parkmeadgroup.com/uploaded/Parkmead%20Notice%20of%20AGM.pdf
You're quite correct Davde - the previous RNS stated "LDS-01 has very recently been brought into production and initial flowrates are higher than anticipated. A more detailed review of the good performance of the Dutch assets will be provided with the full results statement."
Where is the more detailed review - are they referring to the gross production figure reported across all 4 fields?
Doyle172. They don't actually state that LDS-1 is now flowing. That is particularly conspicuous by it's absence?
We know it was tied into production facilities months ago, but has not been producing. Looks like it is still not - or surely they would have clearly said so?
Let's hope not Bitethebull....Pitreadie was purchased in 2019, and they have been working on 'studies for a wind farm' there ever since - just over four years. No planning permission applied for, so it is years away yet, if it ever happens.
The site(s) was purchased from TC's wife with a half built house she was developing at the time included..
A solar farm in Scotland is not going to set the world alight is it..
PMG have 7.5% of the main producing well Diever (+ the new LDS-1 well for which production figures not yet available), 15% of the others. Possibly an undivulged royalty payment on Diever/LDS also.
Net to PMG in August was 222 boepd.
Skerryvore is not an appraisal well.
None of the prospects have been drilled previously, and the geological chance of success (CoS) is 24%. This is from Parkmead's own website.
It may well be surrounded by other producing fields, but the same could be said for much of the North Sea!
Parkmead obtained the licence in 2010 (just over 13 years ago!) and had this to say at the time: "The work programme consists of reprocessing the existing 3D seismic to refine a well location, and a firm EXPLORATION well targeting the sizeable Skerryvore prospect within four years." (My CAPS).
And had this to say about it in 2014: "A site survey has now been completed providing detailed technical information on the Skerryvore location ahead of the prospect being DRILLED IN 2015." (My CAPS)
There's no way a fundraise would get over the line unless there was a really big project with a major as a partner stumping up most of it. But for what? The big projects have evaporated away...along with all the smaller projects.
Previous fundraises for those evaporated key projects have proved to be disastrous. Nobody would put more in based on the track record.
TC himself has lost a fortune. But still pulls in half a mill a year and has a huge pension pot so maybe doesn't care....
Does PMG actually have a CFO at the moment, or just an anonymous controller..
https://www.insider.co.uk/news/parkmead-parts-ways-finance-director-30248364
Hopefully Andrew Smith is going to pull a rabbit out of the hat after nearly five years with PMG...and more than four years since buying out TC's wife's farm with the 'wind farm potential'... and yet no planning permission applied for yet.
I hope....
An interesting after hours Friday afternoon RNS...normally the harbinger of bad news...
Good news NL gas has started flowing finally, and sounds positive (needs to be!).
Strange timing.
Let's hope they really intend to give some positive updates on renewables and O&G, and it's not just more of the same "we've made progress blah blah"....but actually nothing's changed...
PMG's NL production for August averaged 222 boepd...
Production graphs here for those interested:
https://imgur.com/uGIFaU8