Member Info for robs12

Production figure graphs here (if it works):

https://imgur.com/MIrgxis

Diever down 2% - but overall across the four wells it's up a little from December (299 boepd) at 310 boepd for January.

doyle, that Finncap note needs to be taken with a very large pinch of salt...a tablespoon even.
As pointed out, it is paid research, but it also has several errors (surprising since you'd think PMG might get to proof read it before publication, given they are paying for it....).

- They include Lowlander in the GPA project...but PMG have relinquished it.
- They includes Sanda North and South in the unrisked NPV - but PMG have relinquished both! That is very significant because they state the unrisked NPV as £17.54/share, but take out Sanda and it's £11.53...

Haven't looked into it anymore...

They say "Technical studies are underway on this site."

No change there then. That's been happening since they bought the site in 2019, nearly three years ago.
Must be very technical. Still no sign or mention of a possible planning application.

Good article a couple of snippets (MY CAPS in place on the red text in the article!):

"Skerryvore has been waiting for some time, with Parkmead having previously said it was seeking to drill BACK IN 2015."

"Elsewhere, Parkmead said it is “assessing draft commercial offers” from the Scott field partnership to use its Greater Perth Area as a tieback – something Parkmead has been reviewing for AT LEAST 12 MONTHS, while studies on Scott as a host have been taken place AS FAR BACK AS 2018."

They seem to be clearly emphasizing just how slow progress has been... :-)

Good revenue figures as expected, though lower than I expected.
They say €25/MWh for June gas when the average was actually €29.6, and €95/MWh for December when the average was €115, so would appear they are not getting full TTF price, but approx. 16% lower.

Copy and paste for GPA again, as expected = no progress. Disappointing.

Skerryvore seems on plan = good.

Some obfuscating puff for Diever - “top three prolific producing onshore fields”.
80%+ of their production is from Diever, but they very noticeably don’t compare the average gross production rate of 22.2MMscfd with the same period last year – which was 32.8MMscfd – a reduction of 32%....maybe they think it won’t be noticed…

And somewhat disingenuous to show a decrease in the NL operating costs in US$, given that the costs will be incurred in € and the change is just due to the $/€ exchange rate!
Having said that, good news confirming the two new wells from Diever – let’s hope they are sooner rather than later. CoS 40-49%. They are needed badly if they are going to keep highlighting their NL gas as the major attraction here.

Administration costs up 36% from £1.1m to £1.5m (see note 3 for why). Debt reduction good.

Kempstone – “The initial accounting for the business is incomplete at the time of the approval of the interim results” - ?? Seems a strange statement to make?

Move onto the next announcement then…November’s ..

January's production figures should be out in the next day or two.

Maybe good news....but not the real news we are waiting for..

https://www.theguardian.com/environment/2022/mar/13/tories-plan-big-expansion-of-wind-farms-to-protect-national-security

Maybe good news..

Looks like all the "it'll be £1 by Friday" muppets have scarpered away back to their burrows (or other paid employment).

Roll on some real news on PMG actually developing something.

I think it's appalling...

They cancel options worth 1.87% of the company at prices of 7.85p, 9.7p, 10p, 20.62p and 22.75p.....

....and replace them with in the money options (2.25p) worth a whopping 3.39% of the company.

The price not even set at an average SP range of a week or month. Oh no, knock it down for a couple of days from 3p+ to 2.25 and pick that single day to set the option price...hmm.

Talk about snouts in the trough....how about some free money guys?

Let's hope so!

eggshead - suggest you read PMG's annual report, rather than believing some of the garbage posted on here (which is why I started the thread!).
Yes, it was relinquished last year.

Shame they relinquished it eh ?

https://www.dana-petroleum.com/files/pdfs/public-notices/Platypus-Development-Environmental-Statement.pdf

220 drilling days for Platypus - page 47 here if anyone is bothered....

https://www.dana-petroleum.com/files/pdfs/public-notices/Platypus-Development-Environmental-Statement.pdfage

doyle172, Finncap's valuation (or anyone's valuation) is not based on today's oil/gas price - it's irrelevant. It's based on a long term expected oil/gas price. In the long term, that expected oil price may now be higher that it was last month, assuming a long term effect due to current terrible situation, but nobody is going to start valuing O&G companies on today's prices..

Doyle172 - "£25 mil to develop Platypus." LOL!!!

Two drills and 24km of pipeline for £25m...what world is that!? They estimated 220 days of rig time alone...

In terms of raising ££, I suspect they have plenty of problems - the last placement was at 120p, and the one before that at 255p....doubt those investors are very happy - or willing to put in more...
Would anyone else based on that track record?

Platypus is no longer a PMG interest. The licence has been relinquished, and it is not on some secret 'retainer'.

PMG were a minority partner in Platypus, holding 15%. They don't have the funding to develop it, and clearly couldn't get funding when they had the opportunity.

TC's words: "however, despite intensive and prolonged discussions it was not possible to arrive at suitable terms for an extension....The Board of Parkmead is now able to re-focus the Group’s time and resources, that it would otherwise have spent on Platypus on projects, where we can see a clear pathway to delivering enhanced shareholder value."

If the field was maybe going to get back in play, I seriously doubt that the OGA would consider PMG if the priority was to get it developed and producing ASAP.

Regarding GPA - from the 2021 AR - "The GPA project has the potential to deliver 75-130 MMBoe on a P50 basis."
Talk of hundreds of millions is not PMG's take on it...

All IMHO of course.

AimOilking, the figures are usually published three months later, so December the latest @ 299 boepd.
TC and his team have little say in how much is produced, they have only a minor stake and Vermilion hold the reins.

We don't know what contract they have in place, but for December I guesstimated £1.65m revenue, less costs ($9.9/boe), using avg €115/MWh.
Back of a fag packet at today's price (€190/MWh) = £2.5m/month if still producing 299 boepd.

Great news! At long last.