Member Info for robs12

They can't. Previous investors/banks have lost their shirts here with the previous fundraises, and the drilling track record (none) would not give any reassurance if anyone was even vaguely interested in investing. If it (Skerryvore) were to actually get the go ahead, PMG would be out before it started - either a complete sale of a small free carry. IMHO.

"Share price only moves only 15%" - surprised it's that big a move.

Because it's clearly just another desk based feasibility study - might it be possible to extract the oil or not? No drilling involved.

Just like the wind farm (Tom's wife's place) where studies have been going on since 2019...only five years,...and still no sign of any planning application...or even a plan.

Deltic have 100% - RNS here:

https://www.londonstockexchange.com/news-article/DELT/formal-award-of-ukcs-licence/16555868

I thought PMG relinquished it end 2022 (P.2435)? They also relinquished Pharos...

https://datanstauthority.blob.core.windows.net/external/relinqs/2023_03/P2435_47_10d_48_06c_Parkmead_RelReport_Dec2022.pdf

Whilst TC is off playing cricket in the caribbean at our expense, back in the real world of oil and gas, latest production figures look bleak.

Brakel still shut in - over a year now so I guess it's done and dusted.

Diever back on stream ...but LDS shut in during Feb/March/April.

Resulting in the lowest net PMG production since 2017 at 194boepd....

Graphs below:

https://i.imgur.com/57nfv5w.jpg

Scoredagainsteps - last month was 435 boepd. Not everything's been reported this month yet, though LDS is looking good.

PMG produce no oil, only NL gas ...and they just sit on Vermilion's coattails in NL, so are not going to get to producing any oil for many years, if they ever get to drilling.

NAV @ Dec 2023 = £27,1m

Dec 2022 = £70.3m

Dec 2021 = £80.5m

Dec 2020 = £86.8m

That may be of more interest than trying to gauge NAV against the shareprice....

Down very slightly from November, but Diever appears back on stream, and LDS looking good.

435 boepd net to PMG:

https://imgur.com/vCVhYNQ

Sale of East Gamma? At best it's 15mmbbbl recoverable if there's anything there at all... it's many years away were it to actually get to drilling stage. What do you value that at then? Another year's salary for TC at best? More likely no cash at all, and just a small % if it get's to produce some time in the distant future?

PMG won't get cash to drill Skerryvore, they will need to farmout a large % to an operator who will actually do something with it (if they fancy it). PMG don't have the capability as an operator or to drill a well (they have never drilled a well since they were formed). They may get a small % left as a free carry if they find a partner willing to take it on. But can't see anyone rushing to sign on the dotted line, it's been sitting there on PMG's desk for many many years already - it was first described by PMG as a 'drill-ready prospect' over 10 years ago...

P.s. A little surprised the SP didn't tick up a little on the LDS-1 flowrates, but then again maybe not, it's pocket money and there's little left in terms of real growth potential for the company.

A long and solid history of failed projects with much hype and no actual results (other than those managed by other companies) means there's little to interest investors now.

I didn't realize until recently that the stake PMG took in Faroe Petroleum many years ago (2007) was actually bought some years before TC came on board as CEO (2010).

Looks like PMG (with Orcadian) have been offered three licenses in the 33rd round:

14/15a

14/20d

15/11a.

November's production rates now published.

The bad:

- Brakel is still shut in and not producing - since March. Is it a gonna?

- Diever is shut in and produced nothing.

The good:

- Geesbrug is bubbling away.

- Grolloo is back up again to levels of a few months ago.

- LDS produced more than 4 times previous month's figures (>24m Sm3), and plenty of condensate (>1,300 Sm3)

The previous six months' average production net to PMG was 236 boepd. November's figure was 445 boepd - the highest it's been since December 2020, and that's with Diever shut in (hopefully that's only temporary). If Diever was producing at the same rate as in October then it would be up near 600 boepd - in line with 2019 levels.

Nice. GLA!

Production graphs if anyone interested:

https://imgur.com/WKXb6RT

Things are looking very up. Production figures released today for November...LDS looking very nice.

PMG don't produce any oil, and if they ever do get around to drilling Skerryvore it will be several years before it is producing.

None of their multiple oil 'assets' that they have acquired since they were formed have ever come to fruition, so nobody in their right mind is likely to attribute any significant value to the few licences they still have an interest in.

The gas price might be up a little, but their production figures are lower than last year. The new LDS well now has two months production reported and it's not looking inspiring - 5000Sm3 produced in September and October.

Net production to PMG is 275 boepd (October latest figures, November's figures should be out in a couple of weeks) - lower than a year ago, even with the new LDS well now producing. No wonder they haven't announced it...

Production graphs here if anyone interested:

https://i.imgur.com/PIAS4ZP.jpg

The Company’s Annual General Meeting (AGM) will take place at Aloft Aberdeen TECA by Marriott, Gough Burn

Crescent, Dyce, Aberdeen AB21 9FY at 9.00 a.m. on 21 December 2023.

https://www.parkmeadgroup.com/uploaded/Parkmead%20Notice%20of%20AGM.pdf

You're quite correct Davde - the previous RNS stated "LDS-01 has very recently been brought into production and initial flowrates are higher than anticipated. A more detailed review of the good performance of the Dutch assets will be provided with the full results statement."

Where is the more detailed review - are they referring to the gross production figure reported across all 4 fields?

Doyle172. They don't actually state that LDS-1 is now flowing. That is particularly conspicuous by it's absence?

We know it was tied into production facilities months ago, but has not been producing. Looks like it is still not - or surely they would have clearly said so?

At least there was clarification that Skerryvore is an exploration play, and good news that the CoS (even if an internal figure) is 40+%.

Let's hope not Bitethebull....Pitreadie was purchased in 2019, and they have been working on 'studies for a wind farm' there ever since - just over four years. No planning permission applied for, so it is years away yet, if it ever happens.

The site(s) was purchased from TC's wife with a half built house she was developing at the time included..

A solar farm in Scotland is not going to set the world alight is it..

PMG have 7.5% of the main producing well Diever (+ the new LDS-1 well for which production figures not yet available), 15% of the others. Possibly an undivulged royalty payment on Diever/LDS also.

Net to PMG in August was 222 boepd.

Oh, another no news about anything announcement. No progress on Skerryevore, no NL flow rates, no wind farm plan...more of the same..