Member Info for robs12

If we are £5 in the morning I will go to the Maldives for the next couple of weeks.

I suspect it might be a couple of years yet before I will go to the Maldives... ;-)

Out today.
Page 17 has a nice map of 'priority plans', with a big orange circle covering:
"Outer Moray Firth:
Greater Buchan Area Plan –supplementary licence round and new scoring scheme.
Quad 15 – licensees collaborating to develop discoveries"

Wonder who those collaborators are then ;-)

Just a matter of time, hopefully not too much of it...

Sell off?

There's been 106K sold today according to the trades - that's £70K! Don''t worry about it.

Interesting...they are either bored with nothing to do or they must have taken some recent comments ref the website being out of date to heart - just noticed they have updated the 'Our Assets' section - new maps and new info.
Or something's afoot and they want it bang up to date.

GLA

Polar Capital were first listed as major shareholders in 2015 I think - they announced they held 3.95% as at 22nd May, so I think they possibly picked them up in the 130p/share placing on 18th May.

They upped to 4.75% in Jan 2016. So they will have made some money on the additional they added - price was mid 40s at that time.

I guess/hope they'll hold onto their original stake until in the blue! Sizeable chunk to sell though - probably would have seen a significantly higher spike in the last few days without that.

Parkmead is looking forward to progressing the Skerryvore prospect in 2015. A site survey was undertaken to provide detailed technical analysis to the partnership before drilling takes place. Skerryvore was awarded to Parkmead as part of the UK 28th Licensing Round and is located in the Central North Sea. It consists of two stacked prospects situated across different geological horizons. The Skerryvore prospect is thought to be a southerly extension of the Talbot oil discovery to the north, and shows a similar seismic response to the neighbouring Cawdor discovery. Skerryvore has the potential to contain up to 122 million barrels of recoverable oil on a most likely, P50 basis.

The above was from the 2014 Annual Report.
But it had to be given up and they just got a share of the licence back in the 30th Round, and now have to say in the latest interims:
"Two of the new awards cover the highly prospective Skerryvore area and contain seven new prospects, three of which are stacked. The Skerryvore Mey prospect overlies two stacked Chalk prospects (Skerryvore Ekofisk and Skerryvore Tor) which are associated with Skerryvore, Zechstein salt diapir. The Chalk in these prospects is thought to have been re-worked, which significantly improves permeability over conventional Chalk reservoirs.
These three stacked prospects have the potential to contain 157 million barrels of recoverable oil equivalent on a P50 basis.
An additional Paleocene Mey prospect (Skerryvore West) and one Chalk prospect (Skerryvore North) are also identified on the blocks. The proposed work programme includes rock physics studies, reprocessing 3D seismic and a contingent well. Parkmead’s co-venturers on the licence are Serica Energy, Zennor Petroleum and CalEnergy Gas. Parkmead’s equity stake is 30%."

Nice if ......

To add, the P1566 licence agreement is here:
https://itportal.ogauthority.co.uk/web_files/recent_licences/licences/P1566.pdf

The cost of holding the licence goes up each year, but was £7500x the number of square km, which looks to be roughly 50, so roughly 375K per year, of which I guess PMG would be paying 30% or £112K. Not insignificant cost to hold it.

The website certainly is a little behind the times!

They did state that it was gone in the interims 29 Mar 2018:

"Detailed technical work undertaken across the wider Parkmead portfolio has allowed the company to release non-core acreage, such as licence P.1566, considerably reducing licence costs."

Interesting they termed it non core, having previously described it's acquisition as "important steps in the first stage of Parkmead's development as a new independent energy company."!!

But I guess they figured out it wasn't as lucrative as they hoped for.

It is not shown on the quadrant 47 map at OGA (updated 2nd April, link below), so I guess it's been relinquished?

https://dataogauthority.blob.core.windows.net/external/quadmaps/Q_47.pdf

Some useful (?) info linked here ref Blackadder. Pharos now been given up which is maybe relevant?

https://www.parkmeadgroup.com/uploaded/research/Charles_Stanley_Research_21.10.2013.pdf

The initial term end date for P2435 is 30/09/2024, so plenty of time to get a little more cash in the bank for drilling Blackadder if worthwhile! Not sure of the licence details?
Estimated 113bcf (P50) there.

Agree ref IC tip - that might be the main driver for this weeks' nice rise.
All good publicity though!

PMG have 15% of Platypus (Dana are operator), which was discovered in 2010, and appraised in 2012, when it flowed 27MMscfd.

They target first gas in 2021, and estimate flow rates at greater than 50MMscfd, which is slightly more than Diever West (where PMG have 7.5%).

So if/when it comes off, they’ll be getting more than twice as much gas from Platypus as they are now from Diever.

PG estimated 18.6bcf net to PMG at Platypus, the whole field is estimated at 180bcf.

Then Possum is right next door, undrilled. PG estimated 7.1bcf there.

https://www.offshore-technology.com/projects/platypus-gas-field/

Great spot Livin'.
The delay perhaps not unexpected, but the update means all still on track - a very, very positive signal IMHO.

Happy they fixed the spelling mistake too.

Fill ya boots ;-)

No investment advice give or implied.

I agree with your thinking.
JOG have 15% of Athena (may or may not have to share development costs, not clear) which I think will become a part of GPA hub.
I think PMG will make a play for (or a deal with ) JOG.

Not the last piece of the jigsaw though...31st round supplementary is yet to come....

They raised £40m @255p in 2014, and another £13.5m @ 120p in 2015, so they'd struggle to get anything away at current SP I think, unless they had a really concrete plan/deal already agreed?
No need for them to fund raise now IMHO, they have plenty of cash in the bank and more coming in. When GPA kicks off they have already stated "A number of the proposals have also offered finance to the Group for major parts of the development, further reducing the capital expenditure required to bring the project onstream." And they will almost certainly trade a % of the 100% they have now to Nexen and/or others as part of the deal.
Would make much more sense for them to get GPA going (or at least the deal announced), with subsequent SP rise, before going for a fundraise, IMHO.

Ropey referring to the history as TRAP.... didn't go exactly as hoped...
Nothing dodgy at JOG goes as far as I know. Other than the potential future liabilities over Athena - still nothing official from JOG on that, and a questionmark still in my opinion.
Irrespective, there's no way I'd bet most of my pension on a one horse AIM O&G company.....was the point I was making.
Let's hope it comes good, I am a holder too.

"Ok thanks yes I’m hopeful have majority of my pension invested in Jog"

Max, I hope you either very young, or it is a very small pension (or both). Putting it all on the line with a small AIM O&G company with a ropey history sounds very err...brave.
No investment advice intended or given...

Well, a nice (expected) increase in the figures, but no significant news really.

The GPA project has been PMG's baby for years, slowly (some would say too slowly!) working towards it.

They announced (RNS) in November 2018:

-Engineering study confirmed the technical feasibility of a tie-back of the GPA project to the Scott facilities
-Parkmead has entered into commercial discussions with the Scott field partnership in order to explore terms for a tie-back of GPA to Scott
-New GPA reservoir study concluded that stimulating the Claymore formation would result in a considerable increase in well productivity and is likely to increase the project's oil recovery factor.

To add from the 2018 AR also in November: "The Scott facilities lie just some 10km southeast of the GPA project and a tie-back could yield a number of mutually beneficial advantages for both the Scott partnership and Parkmead. Utilisation of this export route has the potential to transform the GPA project commercially and economically, by dramatically reducing the capital expenditure required to bring the GPA project onstream and by lowering the operating costs thereafter."

They have also posted on the OGA website, updated October 2018, (hxxps://itportal.ogauthority.co.uk/eng/fox/path/PATH_REPORTS/current-projects?ORDER_BY_FIELD=true) that the project is scheduled to get OGA approval for FEED this month (March), with first oil expected late 2021:

"Project Summary
The Perth development is located in block 15/21C, approximately 6 km south of the Tartan platform. The initial Core Perth development will comprise up to five production and two water injection wells tied back via a dedicated manifold. The chosen development concept is now a subsea tie-back to the nearby Scott platform which is circa 10.45km away. The project is scheduled to get OGA approval to go in to FEED in March 2019. FID is planed for Q4 2019 with 1st hydrocarbons currently planned for late 2021. We are currently executing a number of scopes with our chosen engineering contractors. We are not looking for any additional support from the supply chain at this time."

Their interims are usually end of March.

So my hope and expectation is for confirmation of a deal this month.

Possibly also an announcement about Platypus development, but that will come from Dana first. Again from the OGA site:
Platypus (this actually posted by Dana rather than PMG): "Studies are actively being pursued with 2 potential hosts and these will be concluded 3Q 2018. Market enquires will be made for a MODU, NUI Platform & Jacket and host tie-back 12" CS pipeline in Q4 2018/Q1 2019 with RTA in Q2 2019. Development sanction will be made in 3Q 2019 with 1st Gas in 2021."

Should be a nice uplift in Dutch gas production and possibly news on WoS progress.

I suspect that you'll learn more by Googling that question than asking here :-)

And maybe have a read here:

https://www.parkmeadgroup.com/uploaded/research/Charles_Stanley_Research_21.10.2013.pdf

That's an old article but I think the info about Perth is still valid (except PMG now have 100%)..

I wondered that when they announced the potential farm out but don't think so.
Don't think they'd be interested in owning the pipeline (not their style?), and from the AR "Various export options are available to the partnership, given the extensive availability of infrastructure in the UK Southern Gas Basin."
They've given up Pharos and have 15% in Platypus (hopefully news on that being developed very shortly) in SNS, plus a couple of recent licenses - I think they have other things to focus on right now rather than a bidding war for which they'd need financing if it went through?
Having said that, the bid looks very lowball...but a 'messy situation' too.
I hold some IOG and am in the blue now.. was tempted to sell thisafternoon given the mess, even knowing it's a lowball offer. But decided to hold for now, I expect the bid will be increased or someone else will counter, or maybe they'll sort the farmout in short order. I wonder if RRE are one of the farm out interested parties..!