Member Info for robs12

To add...I was wrong when I said there was no news of the AGR Tracs study on stimulating Perth to increase the recovery rate. There are no numbers announced, but they have stated in the November AR:

"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".

Hmmm...."likely to" ...

@dickupham.

I suspect that the GPA sour gas 'arrangement' is about to get signed, sealed and delivered, and they (the OGA) realize that there are a number of existing undeveloped discoveries within those blocks that could potentially be recovered as a result, and want to get them into the bigger picture currently emerging. Scott is right up at the top of the map.
I suspect there will be a lot of interest in them.

p.s. Don’t want to think about the impact if they believe the recovery rate can be improved from 24% to say 40%. Senergy estimated 24% a while back for Perth, when 2P was given as 41.3MMBbls. Charles Stanley had to say about it: “For Phase 1, our economic valuation assumes a recovery rate of 24% (based on the Senergy 2P estimates). We expect the actual recovery rate to vary from this current best estimate, perhaps materially because there is quite a bit of uncertainty, in our opinion, relating to the distribution of higher quality sands within the heterogeneous Claymore reservoir. Recovery estimates for the Claymore and Scapa fields, which also produce from Claymore sands, increased over time to 40% and 56% respectively (according to the operator Talisman Energy’s most recent publicly available estimates).”

Assuming PMG announce the deal and confirm a route to market for GPA sour crude and a timeline, by my sums they will be unlocking access to:

1) Perth and Dolphin (PMG 100%) – discoveries, appraised by 17 wells, recoverable and contingent resources of approx. 104 MMBoe. Estimated 498MMBbls total oil in place for all of Perth field.
2) Lowlander (PMG 100%) - (a discovery, appraised by 5 wells, with 21.4 MMBoe 2C)
3) Polecat and Marten (PMG 100%) – Polecat discovered 2005, appraised 2010, appraisal well flowed at 4,373 bbls/day. Marten discovered 1984, three oil bearing sandstones. Together estimated 90MMBoe in place, and 33MMBoe 2C, close to Verbier (15% Jersey O&G) as an aside.

So approx. 160MMBoe 2P & 2C in discovered oil fields, 100% owned by PMG (currently!).

With the possibility that these figures could increase dependent on improved recovery rate - PMG have undertaken a study through AGR to model potential fracture stimulation, but no news on results of that yet.

But if the GPA area is opened up and the facilities allow sour oil production, then the entire area (the “sour crescent”, some 30km radius of Perth/Scott) is estimated to hold some 950MMBoe of stranded oil in discovered but undeveloped fields. Maybe more undiscovered.

Add to this the possibility of bringing Athena back on line (PMG 30%, and Jersey O&G 15%, with Ithaca as operator, and is just outside the 30km radius) with estimated 26MMBBL proven and probable – according to Sproule 2012).

PMG is valued at £54m, of which £24m was cash at June 2018 (with more coming in from the Dutch gas production), and just over £6m for the FPM stake (I guess they now have the cash?).

So in rough numbers GPA is currently valued at £24m, less whatever the value of the Dutch gas assets + Aupec + other gas assets in SNS + explo acreage (maybe £5m for all?) – so say £20m for GPA.

160MMBoe of 2P & 2C valued at $5/bbl in the ground is ~£600m, or £6 per share. If they can get it out of the ground. This is not exploration wells – it is already discovered and proven to be there, it ‘just’ needs a way of getting it out of the ground.

Or maybe fairer to compare the recent DNO bid for FPM where they paid $3.2 per bbl of 2P+2C. That would be approx £380m.

With potential to increase that 2P+2C figure substantially through increased recovery rates, re-opening Athena, maybe more deals in the area (recent TC quote "We are looking at territory around our existing fields, and things we can revisit with newer technology.")?

They will no doubt have to trade some of it away to finance and get the Nexen deal done, but I believe they’ve now found the key to the door and are about to unlock it.

We’ll find out soon enough - Interims are normally end of March, if no other announcements before that.

GLA!

This a long, old (2013), and very detailed research note about mainly Perth - well worth a read if you want to understand where they have come from, what they have, and that essentially the GPA plan is unchanged.
Remember that there have been many changes since 2013 (e.g. Pharos is gone, Athena shut in, fundraising, but very importantly in increasing the GPA acreage) and a huge decrease in the oil price and share price of course...

I assume much of the detail came from PMG themselves (don't think you'll find it elsewhere) - and it is still linked to on their website, but they stopped broadcasting the details some time ago. Well worth a read:

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

and...
I’m not a lawyer or an accountant, but I interpret this as:
1) They are still a partner in the JV (explicitly stated).
2) They owe the JV an amount (maybe £14m?) which will be paid from proceeds of either Athena production or proceeds of Verbier with an additional 25% premium (explicitly stated other than the amount owed).
3) They are still liable for their share of costs and profit if Athena is taken back online – this is a key question (I don’t think anyone here has access to the actual settlement agreement, so who knows exactly how it is worded or the amount due?). But if they were expecting future revenues, then an impairment would need to be made in the accounts per 2015 statement, and more recent statements just say ‘we don’t know how much’, rather than stating that they assume it will be decommissioned?
4) If they can potentially pay off the debt (+25%) with revenues from Athena production (explicitly stated that they could) then they must be on the hook for their share of the costs to get that production also. If not, then the settlement agreement must state that they will not receive any revenues after they have paid off the debt, and are effectively out of the license. And there doesn’t seem to be anything saying that – rather the opposite.
If as you say there was an amount paid into escrow for the decommissioning costs, and it is still there, would truly appreciate if you could point out anywhere where it is stated or accounted for – I can’t see anything…and you don’t just park £9m without accounting for it….

I didn’t say Parkmead were Athena operator – everyone knows that is Ithaca I would hope….Interesting scenario if Parkmead get JOG’s 15% share and Verus (already in bed with PMG elsewhere) want in too to bring it back. Guess it depends on whether Ithaca want to stay in.
You say you have spoken with JOG and they say max liability £5m - I guess that adds up with £14m debt less £9m you say is still in escrow. But I am guessing that if anything was actually already paid into escrow, then it has long gone – for the phase 1 decommissioning costs. There is nothing in the accounts or RNS’s or reports about a max liability of £5m – can you show us, or do we just have to believe you spoke with someone and they told you that?
@Madcrann, don’t be scared, the whole post was about my expectation that both PMG and JOG will benefit out of a deal, and trying to explain why! I believe everything I wrote was true – certainly all the quotes and figures are from published sources (i.e. the companies!). My hope that there is a deal is of course just my hope, and pure conjecture!
@Noix – I think you are confusing PMG’s accounting of the decommissioning costs with JOGs – completely different… Trust funds?
@up’em again ref 19:24 post – didn’t you just quote what someone at JOG told you in your post of 15:26 and then say you would never do so? Not wanting to get into an argument but seems a little self contradictory..? ?
Good Luck All!

Hey… I was expecting someone to comment positively on the witty thread title… :-)

Anyway, hopefully it’s more interesting than chanting about MMs manipulating prices etc.

@ Up’em:

Motive for posting was that I think JOG & PMG will hook up in some way, and both will gain, and post(s!) was trying to explain why I hold both…

There were 4 producing wells and an injector at Athena when shut in. There’s a good detailed (Ithaca) document about the decommissioning here:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/558359/Athena_Decommissioning_Programmes.pdf

According to TRAPs 2015 accounts, they actually put £14.3m into contingent liabilities for Athena – see Note 18 here (08 Oct 2016 Full accounts made up to 31 December 2015):
https://beta.companieshouse.gov.uk/company/06490608/filing-history

Note that this is Trap oil’s 2015 accounts lodged at Companies House, not JOG’s 2015 annual report which is different – the two charges in favour of Ithaca can be found at the Companies House website too, a little lower down, if anyone wants to wade through them(!).

The Trap accounts state (Note 11, Impairments):
“During the year, the settlement agreement reached with our partners in the Athena Consortium, means that, although Trap Oil Ltd remains a partner in the joint venture, any past or future liabilities in respect of its interest can only be paid from the revenue that the Athena Oil Field generates and 60 per cent of any petroleum sales or net disposal proceeds from certain other Group assets, with its consortium partners holding security over such assets. Based on the subsequent commencement of decommissioning activities on the Athena field, the directors are of the opinion that future revenues from the field are highly unlikely and as such no additional impairment or provision is needed.”

This is different wording to JOG’s reports and subsequent account notes, and I think that last sentence is important. They are assuming there will be no future revenues and the field will be decommissioned, and they will owe only the debt in the settlement agreement (I assume this is ~£14m).
Wording in more recent accounts has changed to say “any future payments cannot be calculated with any certainty.”

Part 3:

In light of the findings of the Wood Review and the Maximising Economic Recovery (MER) strategy for the UK North Sea, a discovery at Verbier could have the potential to considerably increase the value of nearby oil and gas assets already owned by Parkmead.”
(Remember that the Athena consortium got a payment from JOG as a result of the Statoil farm in!)
24/11/17 (2017 Annual report) - “Polecat and Marten have the potential to be highly valuable to Parkmead given their close proximity to a number of possible export routes, including Perth. Parkmead notes the recent Verbier discovery made by Statoil in Blocks 20/5b & 21/1d, approximately 12km east of Polecat and Marten. Verbier lies in the same play fairway as these fields, and shares many similarities with them. The discovery at Verbier could have the potential to considerably increase the value of Polecat and Marten.”
There could be significant benefits in amalgamating Polecat, Marten and Verbier from an operational point of view. And they could all become part of the larger GPA plan.
So a deal whereby, along with the rest of GPA, the Athena consortium bring Athena back on line through a tie in to Scott (much lower cost than FPSO), give up their claim on 60% of JOG’s future net profits, greater critical mass for GPA (and PMG!), there are operational efficiencies for both parties, …seems like it could be a win-win for all?
So my money’s on a PMG/JOG merger deal of some form, or possibly a takeover, or asset swap. Very soon.
Equinor very probably in on the deal also (as a part of the GPA development - they are a part of the OMF SIG, along with Nexen (who own Scott) and Parkmead of course).
Note PMG’s recent change of NOMAD to Arden Partners…just happens to be JOG’s NOMAD also..
..and JOG director buying on market couple of weeks ago,
..and grant of 300K share options to three JOG directors (at 175p!) couple of weeks ago,
…and Schroder’s increasing stake.
Or I may be completely wrong and simply reading too much into all of it….
[And to add a little extra spice, Equinor heavily involved in West of Shetland too, where PMG just happen to have some interests also, though now I’m getting a little too enthusiastic!]
Good luck all! On your marks…get set…g….g….g…go!

Part 2:

PMG has consistently been working towards getting the GPA (Greater Perth Area) into development for many years. They have 100% of Perth, Dolphin & Lowlander, and on the OGA site PMG themselves state that OGA FEED approval is expected in March this year.
Athena was TC’s baby at PMG, until the oil price dropped and the consortium decided to shut it in January 2016. There was an FPSO and it was breakeven at approx. $60/bbl (I can’t remember the exact figure, I think Ithaca quoted it somewhere?). PMG hold 30% of Athena (Ithaca now 40%), and the other 15% is now with Verus, a subsidiary of Hitecvision – Parkmead are working with them on other licenses also).
But from the 2016 Annual report (i.e. AFTER Athena was shut in) “Parkmead has continued to work towards incorporating other proven oil fields in the wider area into the PDL development. The Group’s technical team is studying a number of further oil accumulations in the area. One of these is the Athena oil field to the west of Perth, in which Parkmead is the largest equity owner.”
In the Press and Journal, dated Nov 19 2016, a Tom Cross quote: “Mr Cross said: “If you’ve got the choice, it makes sense not to produce oil when the price is on the slide. Some companies have to produce oil even at a loss if they are sitting on debt, because banks want to see cash flow, but we are debt-free.” He added the Athena shut-in would continue while Parkmead looks at ways of incorporating the field into its Perth area cluster, one of the largest un-developed oil projects in the North Sea. And he said Parkmead was “right in the middle of engineering talks” to bring together the various fields that make up the area.”
So…I am absolutely convinced that PMG intend to bring Athena back on line as a part of the GPA. Which means JOG will need to pay up their share of costs out of any potential Verbier gains.
AND….(sorry if this is too much information!)…regarding Verbier…PMG’s Polecat and Marten discoveries (to be developed, 100% owned by PMG) are very close to Verbier…
From PMG press releases:
10/08/16 - “Polecat and Marten could be highly valuable to Parkmead as, given their close proximity to PDL, they could be jointly developed as part of the Greater PDL Area project.”
After Statoil (now Equinor) farmed into Verbier - 04/04/17 - “Parkmead notes the high-impact exploration plans which are occurring close to the Parkmead operated Polecat and Marten oil fields in the UK Central North Sea. Statoil has recently farmed into a licence covering Blocks 20/5b & 21/1d, approximately 12km east of Polecat and Marten. It has been announced that Statoil is currently undertaking a tender process for the hiring of a drilling rig, expected to be awarded in the near future, in respect of a planned exploration well to be drilled targeting the Verbier prospect this summer. Verbier lies in the same play fairway as Polecat and Marten, and shares many similarities with these fields.

Part 1:

My pet theory on PMG/JOG…and why I have purchased a decent chunk of JOG (and already hold a more than decent chunk of PMG!). Sorry, it’s long, but bear with it if you can…
JOG was formed by buying Trap (who had 15% of Athena) in 2015 and they still have a 15% interest.
This doesn’t seem to get mentioned much around these parts.
In 2015 they made a deal/settlement with the other partners in Athena to settle future liabilities regarding Athena (including decommissioning costs, approx. £9m to TRAP at the time). They agreed that any future liabilities on Athena would be paid for out of future petroleum sales or net disposal proceeds from existing licenses (including blocks 20/5b & 21/1d – i.e. Verbier!).
To quote the agreement “In summary, 60 per cent of any petroleum sales or net disposal proceeds from these licences will be passed over to the Athena Consortium as well as all future revenue generated from our interest in the Athena Oil Field and when 125 per cent of the outstanding debt obligation has been met, no further amounts will be due to the Athena Consortium. Should Trapoil not have repaid the outstanding debt obligation by the time the Athena field is fully decommissioned the remaining debt will be written off by the Athena Consortium.”
Athena is not fully decommissioned yet – only phase 1 is complete, so this agreement is still ‘live’. It is also hidden away in the latest JOG interims: “In accordance with a 2015 settlement agreement reached with the Athena Consortium, although Jersey Petroleum Limited remains a Licensee in the joint venture, any past or future liabilities in respect of its interest can only be satisfied from the Group’s share of the revenue that the Athena Oil Field generates and up to 60 per cent of net disposal proceeds or net petroleum profits from the Group’s interests in the P2170 and P1989 licences which are the only remaining assets still held that were in the Group at the time of the agreement with the Athena Consortium who hold security over these assets. Any future repayments, capped at the unpaid liability associated with the Athena Oil Field cannot be calculated with any certainty, and any remaining liability still in existence once the Athena Oil Field has been decommissioned will be written off. A payment was made in 2016 to the Athena Consortium in line with this agreement following the farm-¬out of P2170 (Verbier) to Equinor and the subsequent receipt of monies relating to that farm-¬out.”
So, if I am understanding correctly, any more spend on Athena, whether development or decommissioning, and JOG will be paying back 60% of their net profits on Verbier to fund it. If they sell up Verbier, there would have to be a like for like agreement in place with the purchaser.
Next…

Part 3:

In light of the findings of the Wood Review and the Maximising Economic Recovery (MER) strategy for the UK North Sea, a discovery at Verbier could have the potential to considerably increase the value of nearby oil and gas assets already owned by Parkmead.”
(Remember that the Athena consortium got a payment from JOG as a result of the Statoil farm in!)
24/11/17 (2017 Annual report) - “Polecat and Marten have the potential to be highly valuable to Parkmead given their close proximity to a number of possible export routes, including Perth. Parkmead notes the recent Verbier discovery made by Statoil in Blocks 20/5b & 21/1d, approximately 12km east of Polecat and Marten. Verbier lies in the same play fairway as these fields, and shares many similarities with them. The discovery at Verbier could have the potential to considerably increase the value of Polecat and Marten.”
There could be significant benefits in amalgamating Polecat, Marten and Verbier from an operational point of view. And they could all become part of the larger GPA plan.
So a deal whereby, along with the rest of GPA, the Athena consortium bring Athena back on line through a tie in to Scott (much lower cost than FPSO), give up their claim on 60% of JOG’s future net profits, greater critical mass for GPA (and PMG!), there are operational efficiencies for both parties, …seems like it could be a win-win for all?
So my money’s on a PMG/JOG merger deal of some form, or possibly a takeover, or asset swap. Very soon.
Equinor very probably in on the deal also (as a part of the GPA development - they are a part of the OMF SIG, along with Nexen (who own Scott) and Parkmead of course).
Note PMG’s recent change of NOMAD to Arden Partners…just happens to be JOG’s NOMAD also..
..and JOG director buying on market couple of weeks ago,
..and grant of 300K share options to three JOG directors (at 175p!) couple of weeks ago,
…and Schroder’s increasing stake.
Or I may be completely wrong and simply reading too much into all of it….
[And to add a little extra spice, Equinor heavily involved in West of Shetland too, where PMG just happen to have some interests also, though now I’m getting a little too enthusiastic!]
Good luck all! On your marks…get set…g….g….g…go!

Part 2:

PMG has consistently been working towards getting the GPA (Greater Perth Area) into development for many years. They have 100% of Perth, Dolphin & Lowlander, and on the OGA site PMG themselves state that OGA FEED approval is expected in March this year.
Athena was TC’s baby at PMG, until the oil price dropped and the consortium decided to shut it in January 2016. There was an FPSO and it was breakeven at approx. $60/bbl (I can’t remember the exact figure, I think Ithaca quoted it somewhere?). PMG hold 30% of Athena (Ithaca now 40%), and the other 15% is now with Verus, a subsidiary of Hitecvision – Parkmead are working with them on other licenses also).
But from the 2016 Annual report (i.e. AFTER Athena was shut in) “Parkmead has continued to work towards incorporating other proven oil fields in the wider area into the PDL development. The Group’s technical team is studying a number of further oil accumulations in the area. One of these is the Athena oil field to the west of Perth, in which Parkmead is the largest equity owner.”
In the Press and Journal, dated Nov 19 2016, a Tom Cross quote: “Mr Cross said: “If you’ve got the choice, it makes sense not to produce oil when the price is on the slide. Some companies have to produce oil even at a loss if they are sitting on debt, because banks want to see cash flow, but we are debt-free.” He added the Athena shut-in would continue while Parkmead looks at ways of incorporating the field into its Perth area cluster, one of the largest un-developed oil projects in the North Sea. And he said Parkmead was “right in the middle of engineering talks” to bring together the various fields that make up the area.”
So…I am absolutely convinced that PMG intend to bring Athena back on line as a part of the GPA. Which means JOG will need to pay up their share of costs out of any potential Verbier gains.
AND….(sorry if this is too much information!)…regarding Verbier…PMG’s Polecat and Marten discoveries (to be developed, 100% owned by PMG) are very close to Verbier…
From PMG press releases:
10/08/16 - “Polecat and Marten could be highly valuable to Parkmead as, given their close proximity to PDL, they could be jointly developed as part of the Greater PDL Area project.”
After Statoil (now Equinor) farmed into Verbier - 04/04/17 - “Parkmead notes the high-impact exploration plans which are occurring close to the Parkmead operated Polecat and Marten oil fields in the UK Central North Sea. Statoil has recently farmed into a licence covering Blocks 20/5b & 21/1d, approximately 12km east of Polecat and Marten. It has been announced that Statoil is currently undertaking a tender process for the hiring of a drilling rig, expected to be awarded in the near future, in respect of a planned exploration well to be drilled targeting the Verbier prospect this summer. Verbier lies in the same play fairway as Polecat and Marten, and shares many similarities with these fields. In light of the findings of the Wood Re

My pet theory on PMG/JOG…and why I have purchased a decent chunk of JOG (and already hold a more than decent chunk of PMG!). Sorry, it’s long, but bear with it if you can…
JOG was formed by buying Trap (who had 15% of Athena) in 2015 and they still have a 15% interest.
This doesn’t seem to get mentioned much around these parts.
In 2015 they made a deal/settlement with the other partners in Athena to settle future liabilities regarding Athena (including decommissioning costs, approx. £9m to TRAP at the time). They agreed that any future liabilities on Athena would be paid for out of future petroleum sales or net disposal proceeds from existing licenses (including blocks 20/5b & 21/1d – i.e. Verbier!).
To quote the agreement “In summary, 60 per cent of any petroleum sales or net disposal proceeds from these licences will be passed over to the Athena Consortium as well as all future revenue generated from our interest in the Athena Oil Field and when 125 per cent of the outstanding debt obligation has been met, no further amounts will be due to the Athena Consortium. Should Trapoil not have repaid the outstanding debt obligation by the time the Athena field is fully decommissioned the remaining debt will be written off by the Athena Consortium.”
Athena is not fully decommissioned yet – only phase 1 is complete, so this agreement is still ‘live’. It is also hidden away in the latest JOG interims: “In accordance with a 2015 settlement agreement reached with the Athena Consortium, although Jersey Petroleum Limited remains a Licensee in the joint venture, any past or future liabilities in respect of its interest can only be satisfied from the Group’s share of the revenue that the Athena Oil Field generates and up to 60 per cent of net disposal proceeds or net petroleum profits from the Group’s interests in the P2170 and P1989 licences which are the only remaining assets still held that were in the Group at the time of the agreement with the Athena Consortium who hold security over these assets. Any future repayments, capped at the unpaid liability associated with the Athena Oil Field cannot be calculated with any certainty, and any remaining liability still in existence once the Athena Oil Field has been decommissioned will be written off. A payment was made in 2016 to the Athena Consortium in line with this agreement following the farm-¬out of P2170 (Verbier) to Equinor and the subsequent receipt of monies relating to that farm-¬out.”
So, if I am understanding correctly, any more spend on Athena, whether development or decommissioning, and JOG will be paying back 60% of their net profits on Verbier to fund it. If they sell up Verbier, there would have to be a like for like agreement in place with the purchaser.
Next…
PMG has consistently been working towards getting the GPA (Greater Perth Area) into development for many years. They have 100% of Perth, Dolphin & Lowlander, and on the OGA site PMG themselves state that OGA FEED approval is expe

..filter button! Excellent, don't have to wade through this trip anymore!

They are already working together Scooby, on blocks Blocks 47/10d & 48/6d in SNS - where Parkmead have 75% and are operator, and Cluff their licence partner. The block already has a gas discovery (Teviot).

Just a matter of time (not long) and what % of GPA they have to give up to get the deal over the line. The % is pretty irrelevant since once they announce the deal this will fly and we won't be worrying too much about the size of the gain, it will be a multiple whatever. A route out, a higher recovery rate, maybe a couple more licenses that can be tied in also. OGA FEED approval for GPA is expected in March (according to PMG on the OGA website).Assuming a GPA announcement is made in the timescale flagged, and also news on Platypus, I think this will be well over £1 by mid year, and possibly much more.... :-)

I think I'd question that PG valuation, even though it was only published in November. Obviously the FPM stake is worth a little more now.
But less obviously, they show the undeveloped resources at 106mmboe (this being Perth/Dolphin/Lowlander/Marten/Polecat/Platypus & Pharos).
This is the same mmboe figure as they stated in their Feb 2018 note. The issue being that the Feb 2018 note was calculated with only 66.3% of Perth/Dolphin/Lowlander, equating to 60.6mmboe, and PMG have since increased their interest to 100%, which by my sums is 91mmboe. So shouldn't the total mmboe now be ~136mmboe, or about 28% higher?

IF that is correct, then the 83p/share 'risked tangible NAV' should be around 96p, and unrisked around 514p.

Nice to contemplate. I wonder if it really is an error - from their corporate broker?

Anyway, PG value the exploration prospects at 0.1/1.3p share risked/unrisked. And that's the West of Shetland Davaar & Sanda with potential 484mmboe P50. Plus a few others..Skerryvore etc.

Sweet dreams!

http://www.parkmeadgroup.com/uploaded/research/Panmure_Gordon_Research_07.02.2018.pdf

For sure!

A bit more interesting and relevant than chanting about market makers ;-)

This is the presentation Colin Percival gave in December at the Petex conference, don't think it's been linked to here before:

https://uploads.strikinglycdn.com/files/b1e9e3d8-90ba-47c2-b994-fe3acf39ab44/OMF%20SIG%20PETEX%202018.pdf

Some interesting info in there as background, location maps at the least.

The OMF SIG (Outer Moray Firth Special Interest Group) comprises a number of companies including Nexen, Equinor, Repsol, Spirit Energy, and of course Parkmead, amongst others.

The last line of the last slide: "KEY TO OMF AND NORTH SEA FUTURE IS BECOMING A SMALL/COLLECTIVE PROJECT BASIN"

Hi Scooby, maybe start with a look at the PG note of Feb 2018.
They suggested a risked NAV of 86p/share - this based on 60% of the NAV being in Perth and Dolphin, and a 15% chance of commercialization for Perth and Dolphin..PG's unrisked NAV is 382p.
When (if...) the announcement of a GPA/Nexen deal is made, that 15% becomes... a lot higher.

Add in Polecat and Marten, possibly Athena resurrection (?), potential at Fynn & Penny.
Platypus announcement id due H1 also.
Other potentials WoS too.

So it all depends on how confident you are in GPA coming to fruition, the rest is nice to have potential extras.
TC has apparently said it is a one way bet, and OGA approval to go in to FEED is due in March (according to OGA website).
Will be a very interesting year for Parkmead.