Member Info for robs12

LOL mommur, that really is pessimistic!

TC has a lot invested here (and some of his team), and there is no doubt that the GPA project has made a lot of progress over the years...but it seems it has paused for the last year...and it worries me that that the company is now spouting Netherlands gas and windmills as the future. GPA was certainly downplayed in the last AR.
And relinquishing Lowlander was very quietly done.
Don't get me wrong. This (NL & wind) is without doubt good for the future, but if GPA is quietly getting dropped like multiple other opportunities in the past, then that is the end of the company in most longer term investor's eyes.

In terms of wage bill, they do seem to have taken on several employees in the last year or two....so maybe something is happening behind the scenes.

I used to say 'definitely'......now I say 'maybe'.

PMG are not producing any oil, and only a small (and declining) amount of gas, so the company is valued on cash in the bank + the hope that they will actually progress and develop one of their projects.
The projects are all some years away yet, but if a deal were announced and confirmed, that would jump the SP in the short term.
Here's hoping.

Depends on whether bullets start flying.
I sincerely hope not..

SOTB....sorry, I call BS...

There is no delay in processing the application by the local authorities ...PMG are nowhere near applying....after 2+ years...!

[PMG quote from November] "Technical studies are already underway ...for the potential development of a large wind farm"

That means they don't yet know if it's technically feasible.....having already bought the land over two years ago? Hmm...

p.s. Did you clock the updated website, when did that happen...I may have been sleeping..?! ;-)

"Cross keeping up with the wind of change"...

Indeed.
It's taken 2 and a bit years from buying the land (presumably, hopefully... having done at least some basic feasibility studies beforehand ??!) to.....err.....talk of "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".

Does it really take 2+ years to work out if the land already bought specifically for that purpose is feasible for a windfarm and get a planning application in? With staff employed specifically to do so...? Where is the planning application?

IMHO there's certainly plenty of moving air...perhaps hot...

Things need to move soon with some concrete news.

p.s. Not quite sure when the Renewable Energy Assets page appeared on the website, I only just noticed it now. New today? Wasn't 'Operations' 'Our Assets' before?

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, I have no short, I have a rather large stake...and have been here a long time, as you know.
Things need to change for the positive i.e. some real news on the main prize(s) , and soon.

SOTB...you seem to be wandering off posting long old news articles...?
Can't engage with some of the questions raised here in the last couple of days?

SOTB, as per my post a few days ago, they've raised some £78 million in the last ten years, where is it?

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.