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Up a touch to 286 boepd in October (compared with 448 boepd in October 2020).
Graphs below:
https://imgur.com/UTDRne2
I guess that depends on whether the protests are delaying things at site, and whether the court case scheduled for March has any impact:
https://netherlands.postsen.com/local/117644/Residents-of-Westerveld-protest-against-gas-drilling-at-Wapse.html
Well....one shareholder has been well rewarded - £510K salary for the year and awarded a nice stash of already in the money options after cancelling the old ones that weren't going to pay out.
Nice work if you can get it.
A quick summary of the value add for that:
- relinquished a number of supposedly interesting and valuable licenses worked on for years
- no progress with the wind farm (how many years now?).
- no deal for GPA - worse...now trying to flog it through a third party..
- nothing new on Skerryvore, due to be drilled years ago..
- steadily declining NL gas production (<300boepd)
- ongoing trumpeting about buying out the NL royalty which had actually been hidden from shareholders for years
- bought three overpriced windmills, which don't raise enough revenue to cover the £510K salary
- decision to spend all the cash (which may have proven useful for drilling costs) on abandonment costs - on at least one field (Athena) that TC was adamant would be brought back into production some years ago...
Merry Christmas all - let's hope next year is the one.....maybe £1 by Christmas 2023? or 2024?
@Investor 81 and @Privatepunter, my somewhat jaded view is well explained if you look back at my long posting history - there's a lot of hopefully useful factual info there rather than mindless fluff about £1 by Xmas. I have been here a long time (I first invested before TC was announced as Chairman), and have researched and followed PMG very closely over many years.
I now regard myself as more of an activist investor here, due to the lack of progress and ongoing smoke and mirrors the company continue to spew in their RNS's and ARs...and the huge loss of investor's funds and lost potential over the years. So I'm somewhat disillusioned, and feel it right to inform others of the facts.
I can't read the other comments on this thread because the muppets have all been filtered for some time, but am flattered to have a post aimed at me, though I imagine it's not actually very flattering..!
This is a repost from January 2020 - listing my hopes/reasonable expectations for the coming two years (i.e to Jan 2022) based on what PMG were feeding us...:
"10 years from now...hmmm... I am thinking more about 2 years from now ;-)
By then...:
- GPA deal done and some value for it in the Share Price, hopefully a lot.
- First gas flowing from Platypus (and maybe plans for development of Platypus East (Possum) for an extra 50bcf) - this should be roughly the same as the current NL gas flow rates, so all things being equal they'll be making double the profits they are now, nice cashflow.
- Skerryvore firmed up and maybe a farmout - New seismic done in Q3 2019, will be reprocessed and interpreted during 2020, three stacked prospects have the potential to contain 157 million barrels of recoverable oil equivalent on a P50 basis.
- Blackadder (up to 170bcf?) with Cluff (now playing with Shell)
- maybe some WoS news for a farmout - though notable by silence about WoS in the interims/AR. So maybe they're gonna drop it...or maybe they're just keeping very quiet about it for other reasons...
- some news, and hopefully action on the renewables plan
Should be a transformational couple of years."
So as we approach Jan 2023, with O&G prices higher...
- GPA deal far from done - couldn't get a deal done themselves (or through their own O&G consultancy Aupec) so firesale through a third party..
- Platypus relinquished
- Skerryvore still waiting.... no change
- Blackadder relinquished
- WoS relinquished
- renewables - OK, some progress, they bought 3 expensive windmills which someone else developed, but nothing on Pitreadie which they (we!) bought from TC's wife in 2019 (and she bought it years before that to build a house on).
IMHO that is pretty disappointing progress - TC needs to pull his finger out and get the deals done. I'm not expecting them to develop anything themselves (they've never drilled a well or developed a project themselves), but get projects sold and get someone else realizing them - that's the only way they will add value for sh
Good news that the rig is now moving to site - at last! For 'our' drilling campaign.
Funny that there is no mention that they only have a 7.5% interest, no mention of Vermilion who are actually doing all the work...
"TC's studies haven't yet produced..."
LOL... PMG (TC) have produced a plethora of studies on numerous blocks over many years. Alas, none have resulted in anything other than a huge outflow of investor's funds.
Let's hope the coattails he's hanging onto (Vermillion) have some good news soon, that would help at least marginally.
If Gneiss don't come up with something in the next month or two then it's game over I suspect.
Published a couple of days ago for August - 243 boepd.
Updated graph of the four wells and total production:
https://imgur.com/KFtVgHc
@AIMOIlking - 194p target from Finncap (in house broker):
https://www.parkmeadgroup.com/uploaded/research/finnCap_Research_06.10.2022.pdf
Maybe people don't realize that Parkmead have not successfully developed ANY project themselves since they formed.
They have not been operator for a single drill.
If Skerryvore or GPA progress to drilling, it is highly likely PMG will not be operator IMHO.
They had their chance with Platypus as a partner - from the 2015 AR:
NEAR TERM DEVELOPMENT:
PLATYPUS
? commercial gas field flow tested at 27 million cubic feet per day
? draft FDP to be submitted by the end of 2015
? revised development plan focuses on a lower cost development
and then the opportunity to take it on as operator... but couldn't make it happen.
I think you are quite correct NQM, they won't get a sniff this time, unless perhaps as a minority partner.
Glad I'm holding!
Great fantastic game changing RNS, telling us:
1) the price of electricity has gone up (I suspect a few of us in the UK might have known that already and factored it in....but maybe the market hadn't?), so the three windmills will now make enough $$ to cover the CEO's salary, and
2) the small company they bought for a rather large amount is now integrated after 8 months - good work, and
3) they're still 'considering' putting in a planning application for Pitreadie after TC's wife bought it some 7 or 8 years ago, presumably on the basis that initial feasibility studies confirmed the potential for a windfarm development (Oh sorry, that last part might be old news, but no harm in repeating it yet again), and
4) Solar panels in the North of Scotland are going to be a big factor in PMG's future - excellent news!
I'm running a free carry but may well buy in big tomorrow when the price drops back again.
It will undoubtedly be £1 by Christmas.
GPA is all that matters here.
I see my stalker is back once again within minutes of me posting...!
I did forget something - another good example of "track record of good decision making and successful delivery of projects over many years" - sponsorship of the Scottish cricket team.
CEO's son is a player in the team, but I guess it's all a bit of a PR disaster now after the racism allegations:
https://www.bbc.co.uk/news/uk-scotland-62290554
LOL...so the much quoted £12.83 per share unrisked explo value sold to us by the in house broker Finncap in March this year is now reduced to......£2.21 (Skerryvore and LDS).
From the website Our Strategy page : "Parkmead has an exceptional team of scientific and commercial experts, who have a track record of good decision making and successful delivery of projects over many years. "
Do you think they mean successfully delivered projects like:
Athena (was producing, no longer...)
Platypus (significant proven gas discovery, relinquished)
Pharos (proven gas discovery, relinquished)
Lowlander (large part of GPA, discovery, relinquished)
Davaar (relinquished)
Sanda (relinquished)
Polecat (relinquished)
Possum (relinquished)
Marten (relinquished)
Pitreadie windfarm (lots of hot air)
Ottoland (was producing, no longer...)
Papekop (large €3m payment to make if it ever produces)
Blackadder (relinquished)
Bombardier (relinquished)
...or are they referring to the successfully delivered BY SOMEONE ELSE projects like:
4 wells producing 270 boepd Netherlands gas - delivered by Vermilion
3 s/h windmills producing enough to pay less than half the CEO's salary - delivered by Kempstone Hill
and.....err...and...errr....did I miss anything?!
Dartron, I suspect many would happily accept £1 tomorrow, or even by Christmas ;-)
But why would any bidder pay that? What would they be buying? Four declining wells in NL producing less than 300bpd, a risky (24% CoS) possible drill at Skerryvore which is many years late, and three windmills which pay half the CEO's salary.
It's all about GPA, has been for years, and that is now out being spruiked by a third party, after years without any interested parties getting involved. Tom the deal maker doesn't seem to be up to making any actual deals after all these years...but still pulls a nice half mill salary.
I suspect the company as a whole is being offered out...but we'll see..
All IMHO of course, and good luck to all holders (including myself!).
https://www.energyvoice.com/oilandgas/50185/parkmead-next-dana-value-oil-firm-tops-250m-two-years/
"It is astonishing what we have achieved in just two years,” Mr Cross said.
To be worth quarter of a billion dollars already, when we started just two years ago, is incredible.
We are well on our way to creating the next Dana.”
"We are excited about the potential in the southern North Sea. The first thing we did was get involved with Platypus, which we discovered at Dana.
And we had the Pharos discovery a few weeks ago. We are very pleased with what is going on there, and there is quite a lot to go after."
It's only 9 years later now....ho hum..
Figures out, and pretty much level with last couple of months:
Jan - 310 boepd net to PMG
Feb - 278
Mar - 291
Apr - 267
May - 264
Jun - 258
Jul - 265
Averaging 270 boepd for the last six months.
This is a 250bbl tank:
https://i.imgur.com/nfDCGFd.jpg
Production graphs:
https://i.imgur.com/odlI8QS.jpg
It's without doubt a 'grandstand' statement from the government.
But still good news for EDR if it makes things even a little bit easier....
"It’s a solid company with limited downside and (unless things start moving) limited upside. "
mrc, IMHO that pretty much wraps it up. It's valued at cash + gas. Past performance raises lots of doubts.
If they can't get anything more over the line it won't go much further.
The huge potential is there though, if they actually want to get something over the line!