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Keep dreaming SOTB!
"... it was not possible to arrive at suitable terms for an extension and, although a new licence could be sought in due course, it was ultimately decided by the PARTNERS (my CAPS) not to pursue the matter further at this time.
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."
Nothing is happening on Platypus. IMHO the best that could happen is that at some point in the future they announce they've taken the licence on again, but it will take several years to get anywhere near producing from it.
A shame, given the current gas supply situation, and that for a while first gas was expected right now (Q1 this year).
It will only move when there is concrete news of development of GPA, or a drill at Skerryvore IMHO. Preferably GPA!
They've already stated they won't make a drilling decision for Skerryvore until next year, which probably means even if they do drill it won't be until the following year 2023...IMHO.
Initiating a planning application for the windfarm would be a positive, but nothing compared with the above.
Wow...yes, that quote was from the Scotsman in late 2010....over 11 years ago! Just after he joined PMG.
Shortly after that, with the PMG SP going crazy and nothing of substance to back it up (other than the TC name) I opened a new account and placed the only short I have ever made on a company.... and did well out of it.
Don't think the TC name has quite the same positive effect these days....almost seems the opposite in the last couple of years.
Maybe if there was some concrete news of something...?
Too old SOTB!!
How is old Tom looking these days?
Presumably nothing like the photo of him in the 2021 Annual Report, since that was taken in 2008.... and they've been using it (well, a couple of snaps from the same shoot) ever since..... ;-)
SOTB, "you need to be proactive in the oil game not full of pessimism or projects would never happen."
Perhaps you could highlight a PMG project that has actually come to fruition....? I.e. they've developed something? Can't include buying a small stake in gas fields or the 3 turbines, someone else has done the work there....
SOTD, the oil price is somewhat irrelevant when you're not producing any oil, and years away from (perhaps) doing so...
He's relinquishing licences as fast as he is acquiring them (or faster) ...e.g. Sanda North and South, Pharos, Platypus, Lowlander, Marten, Polecat.
The problem now is that there is not really much to bid for...
Parkmead have:
- a minority stake in gas fields with total 4 wells producing less than 300boepd,
- oil fields that are years away from production if they ever get as far starting to develop them...,
- three wind turbines (as of this week),
- some land bought from the CEO's wife which she was building a house on.
Not really much to show after all the years...
TC really needs to get on with it, and soon.
TC's interests are aligned with shareholders in as much as he owns a significant stake (bought at a much higher price than today's SP).
But he also takes home half a mill each year in salary, and is approaching retirement...so the question is... does he really care?
If this company is to go anywhere, TC needs to show some real advances, not just acquiring cheap assets, talking them up for a few years and spouting about how they are 'progressing' with them... then quietly relinquishing them (without informing shareholders until much later).
Talk is cheap, and there has been much of it...
It's time some of the potential is actually realized, rather than just talked about. Needs to happen soon.
I've been invested here for a long time (with a significant stake for me) , and dig a little deeper for info than many, but am now seriously questioning whether to quit. The potential is huge, but actions speak louder than words, and we need some more real news soon.....
Indeed, as PMG's paid adviser and broker.. ;-)
Anyway, hope your earlier comment about greening to tick the net zero box for GPA/Skerryvore is the case...could be worthwhile if so.
Otherwise, IMHO, it seems a bit of a damp squib...with the Finncap note being the first mention of possible issues/maintenance issues?
"The acquisition price represents a trailing 12-month (TTM) EV/EBITDA multiple of 17x, a 15% discount to the renewables sector average TTM multiple of 20x. This is in spite of Kempstone’s performance last year being impacted by a one-off
exceptional loss unrelated to the wind farm and unexpected downtime due to a blade repair."
So seems Finncap think it a good buy.
https://www.parkmeadgroup.com/uploaded/research/finnCap_Research_01.02.2022.pdf
Unchanged from November's target price.
Not entirely sure NQM, but from the Herald, the land has been owned by the seller's family (Jack) for a while:
"The Kempstone Hill windfarm was developed with three turbines around 10 years ago, on land owned by the Jack family for decades."
https://www.heraldscotland.com/business_hq/19891458.aberdeen-oil-gas-group-buys-windfarm-near-stonehaven/
There is some info on the Charges at Companies house site:
https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/TwKKCBp4FKNbKocrDNr3pyeff5AmfsX02iVnRtdmyyw/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3M2G7TKE6%2F20220202%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20220202T105545Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEB4aCWV1LXdlc3QtMiJHMEUCIH7W%2FflW4R%2BnuvnBEF13VVgq1w1TWX0awOFOeuT7hrbXAiEAoU%2Bijlo84seet69XdrHJpHZxItV1rUvoRKtBKhjjb34q%2BgMIVxAEGgw0NDkyMjkwMzI4MjIiDDdhhThq88hvX5jcFirXA%2BsMxCUIqXUcvA7ir6NAVyPIR7XcVQirjeblrEGRb6dcIN2njBqg2oXwiBrLhyDBdFM7Y9xUmK%2FaqpgNnLNV2WWLJJ117PdfmH%2FIzqTwtk38wcY2eQXdvBgZEt7tbef%2BqGCe9MwJFJx5f2oi3xvArQgAyoQjE0AIrifsBATv13cCPDHdxpXkWjX3HyAgs5Mm0eM6Gc6JgGw1SObemaCapisNdoEKRPWy8eXy0x%2FEa%2BKH%2FnOukjLo83XCW9D0Lq4sFXJ9PSVg2bJdSoVRszGRBPhjyi7xItfo3zV6oYChg86A6vvazLGwfP1Tj9P4kZBMKyKB8LckOSa1yAoJ5QNLxd0PYvTL6FDmQf6KBipl03nnTFTu3tANsbpfDF2OIq4UxH35XHqveexRumtAJ0nDytvw0MMW%2BSDVsoPhEiVezEVht7pRrLQTc5jyUd0WYcE2QLEvzKQAqn4EUqdwBlvG0maSfiLusUghP8YLKqsJlJS3VjBgcD5%2BYwS5Wy6ojjqmPxrWL83mGDGInpeeYCvJzLvG9lBcVjDWbZOjUi3xZ63mmw4hEdgeSbL%2Fq%2FCFaXqdj2rmxBo5%2Fjef%2FwJ6n8pjCNh7eacOaSUFDLxeeGfhD8z3LqsRbgaoVDDiueiPBjqlAWSNJxBt%2Bi10kTdaodLZK0UEcStEW4OULVCzv0vjmGDKp4JbdsV32rMJmjhS6kbDEMlBZxKBGx4cIIH2mJ75EUD6moYSixLwcSwDMmDRayzbItIYqUnWAgoWPKegVqpqX4S5yVcuKFIx5a7jKEVK6BBYGzt0jsI6j96YUy5jWqNpRZ4vNZEtuidUd7T7n63lQfaJVZqFiNXgz0BAMPe10CbveDuFog%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=274ffd244847fe2ab75607cd950d97eeb41e5c05f55c4bd0d5eb80e457af78db
A 'bumper sum' paid apparently:
https://www.pressandjournal.co.uk/fp/business/local/3907929/north-east-seafood-family-sells-three-wind-turbines-for-nearly-3-3m/
At NQM, the land is leased by the windfarm.
Livinthe dream, they have staff working on renewables...
See here: https://www.parkmeadgroup.com/about_us/our_people/senior_operations_team/
Their financial analyst, Henry Steward is here: https://www.linkedin.com/in/henry-steward-244350140/
In short, recruited as an accounts assistant 3 and a bit years ago as a new graduate. Now financial analyst "I now have particular focus on renewable energy project development".
Group Asset Manager, Andrew Smith is "heading up the Land, Property and Renewables Division." here: https://www.linkedin.com/search/results/all/?keywords=Andrew%20Smith%20parkmead&origin=GLOBAL_SEARCH_HEADER&sid=5KL
In short, recruited just over 3 years ago, a chartered surveyor who states "I am interested in acquiring development land for standard commercial and residential development as well as considering some rural sites where there may be an opportunity for onshore renewable energy."
I guess he's working on the Pitreadie planning application? Or they've contracted it out to a consultancy...or it's not happening?
Just wish they'd get on and get the planning application in for Pitreadie....
Acquired in September 2019 we were told - "Specific potential has been identified for the installation of numerous wind turbines, a solar farm and a biomass production facility."
Over two years later and we get in the November prelims - "Technical studies are ALREADY UNDERWAY on a specific location within the Group’s onshore land portfolio for the potential development of a large wind farm" (My CAPS).
Now we get "the Group will benefit from Kempstone Hill's established relationships and expertise as it looks to advance the opportunities within the Group's existing renewable energy developments."
Whoopie do. How many more years of "advancing the opportunities" is it going to take before a planning application goes in?!
Davde, take the Sm3 productions figures (gas + condensate) for each field, multiply by the PMG net % (7.5% for Diever, 15% for the others) which gives total Sm3 net to PMG for the month. Then divide by the number of days in the month. Then convert from Sm3 to boe with a factor - I actually convert to MMscf then to boe.
SM3 to MMscf is x 0.0000353, then MMscf to boe is x 172, so to use a single factor it would be x 0.0060716.
E.g. for November, Total Sm3 for the 4 fields is 17106320, net to PMG is 1390968.45 Sm3 = 282boed.
To convert Sm3 to MWh is x 0.011111, so Nov would be ~ 15,455 MWh for the month, with average TTF gas price approx £7.40 per MWh, so maybe a shade over £1m revenue, less costs. Though we don't know that they are actually realizing full TTF prices, so that is a very rough and ready estimate.....
Using the same methodology I got to €4.4m revenue in the first 4 months of financial year, whereas PMG stated they'd made €3m revenue, so a big discrepancy. I may be doing something wrong...
Could be due to November's production figures down again compared with September/October:
Brakel - zero (again)
Diever - down 5.4%
Geesbrug - down 19%
Grolloo - down 56%
So they're not exactly making the most of the spike unfortunately...