Member Info for robs12

By the way, I'm still massively underwater on this one, so good to see it moving in the right direction at last....

OK, it was back in 2020 they stated the possibility of RTO: "Potential for transformational transaction in future - possibly via RTO", slide 4 in the below company presentation:

https://westmountenergy.com/wp-content/uploads/2020/08/200809_WTE_CorporateSummary-1.pdf

(Strangely this presentation doesn't seem to be directly linked on their website anymore).

Subsequently ECO made an offer for JHI, which then fell through of course....

WTE stated a couple of years ago in one of their reports that there was potential for the company to be part of a reverse takeover.

"....TC doing his job, not sure why this hasn't moved today..."

LOL....really?

Indeed.

What would be the driver for a significant upswing? There is nothing. This is just to fund TC's retirement now. Maybe an eventual sale of the 3 windmills and the 7.5% of what Vermilion might drag out of NL in future (they don't seem to be over enthusiastic to progress anything) in order to leave something for the kids.

Shocking long term and ongoing loss of shareholder value (except for the biggest shareholder of course, who continues to rake in over half a mill every year).

Better than I thought they'd get, though it is spread over more than three years.

Indeed. But he's been taking a £550K salary + pension for all those years.... So I didn't suppose he'd at all worried about the capital, just paper money.

2012 - "In October 2012 the Group was awarded interests in a total of 25 offshore blocks across the UKCS"

2014 - "The new licence awards take Parkmead’s total number of oil and gas blocks across the UK and the Netherlands to 61, with 48 of these being operated by the Group."

2016 - "This growth step strengthens Parkmead’s asset base in the centre of the Company’s major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea."

(I don't need to go on...)

None of which went anywhere and all of which have been relinquished. Except Skerryvore which is now up for sale.

Don't fool yourself (or believe anyone else who says) that this will be £1 by Christmas.

PMG will be gone within a few months, and TC will still be in the castle with a very nice retirement fund.

Their biggest 'asset' (by some way) is the tax loss, which pretty much sums it all up...

"As set out at the time of the interims, Parkmead has a valuable long term asset in its UK offshore oil licences and its UK ring fence tax loss pool. The Company is in ongoing discussions as it seeks to deliver shareholder value from this asset."

I suspect TC will sell the company as a whole shortly (before next results, which will be abysmal) and after all these years everyone will finally realize that they never actually developed a single project to revenue generation stage, or drilled a single well....

I'd wager a quid that they'll use the same 10+ yr old photo of him in the announcement too!

LOL!

September's production figures are out - 182boepd net to PMG.

That's 32MMscf for the month net to PMG.

TTF was around €37/MWh avg in September, so in rough numbers that's a little over £300K revenue for the month, less operating costs.

DYOR and sums...and form your own conclusions.

@huddersfield - PMG don't produce any oil and haven't for years.

All their gas production is entirely in the hands of Vermilion, and is (now) produced from 3 wells in NL, in which they have a 7.5% stake in the largest producer. In reality PMG don't plan or make decisions on these at all....

And they just announced that another one of those three wells will be shut down next year.

Well, I was wrong on the (no) profit prediction, but seems to be only due to accounting shenanigans and a tax credit, which I guess would be due to them predicting much higher revenue from NL.

Which clearly is not the case - I had to double take and reread that LDS-1 is done and dusted, that's a shocker.

Typical PMG smoke and mirrors stating that gross NL production is up. That is purely because LDS-01 was on line for a few months. Now it's dead. Net production to PMG is now the lowest it's ever been. Revenue down from £14.8m to £5.7m gives a much clearer picture of the situation.

Makes a change that they're actually announcing relinquishments and end of Grolloo production next year - in advance - most unlike typical PMG announcements!

Good that they're talking about selling off Skerryvore (and ??), that could raise a few pennies but likely not a lot - it's explo.

No progress on the windfarm (yawn) and nothing concrete on new NL activity for the foreseeable - entirely in Vermilion's hands, they've been talking about progressing Papekop for 10+ years.

The three windmills still don't quite cover TC's salary.

And I was wrong on the TC retirement too dammit..... But reading between the lines, they can see NL revenue is going to look awful in 6 months' time and years before a possible production increase, there's many years before any new wind farm will be generating revenue, so a sale (possibly the whole rather than just the offshore 'assets') is looking imminent to me.

Ho hum. Well done to anyone who was able to get a small flip today. I'm still holding my small free carry...to the end (maybe)!

PMG first described Skerryvore as a 'drill ready prospect' over 10 years ago.

They've not drilled a well or developed ANY of their projects since they were formed.

My guess is Skerryvore will be relinquished or indefinitely delayed in the results announcement (possibly tomorrow). Best case scenario is a deal to sell it to someone else for a little cash.

The financials will not be good, and back to a big loss. NL gas production as low as it's ever been and much lower gas price than last year.

TC may announce his retirement (10+ years on a £500K salary + pension, I guess he can afford to...).

No progress (as usual) on the windfarm property bought from his wife (8 years ago now?).

Continue to sponsor the Scottish cricket team in which his son plays...(though that will not be mentioned in the announcement).

@touristvisitor - be thankful it was only a small buy. If you bought on the basis of natural gas, you'll already know that PMG only have a very small stake (7.5%) in a handful of wells (4) in NL operated by Vermilion, and that their net production is less than 200 boepd.

They have three windmills in Scotland that they massively overpaid for (if that's what you mean by diversified?).

August saw an average of 181 boepd net to PMG, down from 194 last month.

LDS still not producing.

Graphs:

https://imgur.com/rO9XSyU

Preliminary results should be announced in 2-3 weeks. They'll need some significant positive news - e.g. a deal announcement. With lower production and the TTF gas price at significantly lower levels than last year, the numbers are not going to look pretty.

LDS still shut in - that's no production from the great new hope since mid February.

Brakel still shut - since March 2023.

Diever down a little.

Geesbrug back on line and Grolloo down a little.

Net to PMG = 194 boepd.

Graphs:

https://i.imgur.com/b0LNHA1.jpg

June's NL production figures released.

LDS still shut in (since February). Looks like Geesbrug was shut in during June, and Brakel still shut in since March last year.

Grolloo and Diever both down compared with last month.

Net to PMG was 164 boepd, the lowest it's ever been.

Graphs here:

https://i.imgur.com/k9Prktt.jpg

That refers to end of last year (2023). It been offline for several months this year, see my earlier posts ref production rates.

6p tomorrow?

Tom will have to sell the keys to the castle soon.

Vermilion have not mentioned the Netherlands at all in their last two financial reports. And what happened to LDS-2?

Latest NL production figures due to be released in the next few days on the NLOG website, we'll see if LDS-1 is back on line... or not.

LDS-1 shut in for many months, zero progress on the windfarm for over 5 years, Skerryvore never going to happen in the timescales talked about .... but Scotland cricket sponsorship still in the mix.

What next?