Member Info for robs12

Skerryvore is not an appraisal well.

None of the prospects have been drilled previously, and the geological chance of success (CoS) is 24%. This is from Parkmead's own website.

It may well be surrounded by other producing fields, but the same could be said for much of the North Sea!

Parkmead obtained the licence in 2010 (just over 13 years ago!) and had this to say at the time: "The work programme consists of reprocessing the existing 3D seismic to refine a well location, and a firm EXPLORATION well targeting the sizeable Skerryvore prospect within four years." (My CAPS).

And had this to say about it in 2014: "A site survey has now been completed providing detailed technical information on the Skerryvore location ahead of the prospect being DRILLED IN 2015." (My CAPS)

There's no way a fundraise would get over the line unless there was a really big project with a major as a partner stumping up most of it. But for what? The big projects have evaporated away...along with all the smaller projects.

Previous fundraises for those evaporated key projects have proved to be disastrous. Nobody would put more in based on the track record.

TC himself has lost a fortune. But still pulls in half a mill a year and has a huge pension pot so maybe doesn't care....

Does PMG actually have a CFO at the moment, or just an anonymous controller..

https://www.insider.co.uk/news/parkmead-parts-ways-finance-director-30248364

Hopefully Andrew Smith is going to pull a rabbit out of the hat after nearly five years with PMG...and more than four years since buying out TC's wife's farm with the 'wind farm potential'... and yet no planning permission applied for yet.

I hope....

Monday morning will be interesting... ;-)

An interesting after hours Friday afternoon RNS...normally the harbinger of bad news...

Good news NL gas has started flowing finally, and sounds positive (needs to be!).

Strange timing.

Let's hope they really intend to give some positive updates on renewables and O&G, and it's not just more of the same "we've made progress blah blah"....but actually nothing's changed...

PMG's NL production for August averaged 222 boepd...

Production graphs here for those interested:

https://imgur.com/uGIFaU8

So August production figures released....

LDS-A - zero. Zilch. Nada.... nothing.....Oh dear...

Brakel still shut in - zero.

Diever +6% on last month

Geesbrug up, Grolloo down.

LOL...ran out of space....

Could they....

Could they do a deal....maybe.

TC has a lot of money invested here, though has been pulling out half a mill a year and paying friends and family decent salaries for many years.

To achieve not a lot at the end of the day for shareholders. Those that put into the fund raises years ago must be regretting it bigtime now.

He's close to retiring (and seems reluctant to update any photos to show it!) ...

I'm interested to know if anyone believes there is actually a plan to increase shareholder value here anymore?

(And no, I've not unfiltered the muppets..!)

Stickt2facts, suggest just read through my PMG posts from the last 10 years or more...

Bottom line, I picked a bad 'un.. :-(

PMG was all about Perth, which is now gone (along with a lot of other projects along the way!).

IMHO NL gas was only ever a sideline to keep a little cash coming in to pay TC's salary whilst Perth was developed.

So I guess tthe question is, forget the past...is there any value here now, today...? I'm certainly not putting any more ££ in, but am holding a small free carry now. But I haven't sold out yet.

The fact is that NL gas is now PMG's main asset...and there is little future value with that. They have a minority stake with Vermilion pulling the strings and making all the decisions (and in control of the news flow).

They bought the NL stake many (10+) years ago, hid the fact that there was a royalty on the 3 fields they bought out until last year, and still have not disclosed whether there is a royalty on the Drenthe VI field (Diever, LDS), which is the main producer.

To answer the questions:

PMG have 7.5% in Drenthe VI (LDS/DIV-02) - but have not disclosed if there is a royalty (as there was with the other three fields when they bought in, though never disclosed). Diever DIV-02 has been and is approx 80%+ of the total NL production so pretty important.

See my previous posts for production figures figures from each well. DIV-02 is declining rapidly.

15% in the other three wells/fields.

As far as production rates and the rate at which they are reducing, see my previous posts - there are graphs. Next month's NLog figures will be the interesting ones. Hopefully a full month from LDS-01.

If there is any news on the other fields, you will hear it first from Vermilion, who have a quarterly update.

They have been making 'excellent progress' on Papekop since 2011 when they bought in. There is a 3m euro payment to be made when/if it comes on stream. It was at the same time as Ottoland which was meant to come onstream in 2013...but didn't and never has.... see the 2012 annual report page 56.

PMG report on the NL fields as if they are actively doing something there, and also report gross production figures. In reality they have a very small stake, are passive and the only active thing they have done is hide the royalty payment arrangement from shareholders for years...then announce it as a great deal when they bought it out... hmmmm.

I know I'm repeating myself, but PMG's NL production is around 250 boepd (barrels of oil per day). This is a 300bbl tank:

https://imgur.com/nfDCGFd

Are they going to be a north sea operator - no way.

Are they going to develop Skerryvore - no way. No people to do it and they've never drilled a well or operated a field. If it ever happens they'll have sold it already.

Will they develop a wind farm - not likely given how long it's been since they bought out TC's wife's property (2019) and still haven't even put in planning permission...

Could they

Individual well flow rates are publicly available with a lag of approx 3 months:

https://www.nlog.nl/datacenter/prodfigures/fields?lang=en

The next figures (July) will be released around 25/26 October.

PMG will not announce anything other than mid and final year figures.

There has been no news about how they might deal with higher condenate levels - remember that PMG have a minority stake (7.5% in Diever) and all is controlled and managed by Vermiiion). PMG can't announce anything without their consen).

(See my previous posts for production graphs etc).

Correct Roadster66 - none.

There were some hefty fundraises some years ago, at lofty share prices...which coupled with the track record of failures is why they won't be able to raise funding from banks. Would you lend them anything?

He won't buy a producing asset as operator - they won't be operating anything - they have neither the capability or people to do so. They've never drilled a well nor operated a producing asset?

Suggest take a look at the current PMG team's Linked-In profiles. Won't get personal and name names but they do not have the people to be an operator of producing fields.

Not sure if they even have a CFO currently?

Ouch. A late afternoon RNS that nobody wanted...

Indeed.

Still pales into insignificance with the potential at Perth and all the years and cash spent putting it together.

And all the other many, many projects that didn't come to fruition.

My gut feel is that PMG will have nothing to do with Skerryvore if it is ever drilled. TC will be retired by then, if not already.

It's quite amusing that the current PMG homepage still has the same photo of him used back in the annual report in 2008....maybe he's simply not presentable anymore? Maybe he doesn't exist...

https://www.parkmeadgroup.com/

vs page 4 here:

https://www.parkmeadgroup.com/uploaded/financial/Parkmead_AR2008_v10_FINAL_FINAL.pdf

LOL...having filtered the idiots a long time ago (this makes this place a whole lot easier to read and leaves a few actually value adding posts...usually at least!) I can only see sjab999's reply...which is probably a good summation of the idiot's replies!

GLA (still holding my free carry but not holding my breath...)

Published this morning and Diever field production is lower than January.

Diever-2 well produced 11K Nm3.

The new LDS-1 well produced 1.8K Nm3.

Don't know if that was for the full month or if it only came on stream part way through.

They need to announce flow rates (but probably aren't allowed to by Vermilion).

May's production figure (the latest available) was 237 boepd net to PMG.

Brakel appears to have been shut in since January, but of course we've not been informed of that..

Runner, you certainly need some help with the numbers!

PMG are a minority holder (read 7.5% for Diever which is the main producer by far).

The figure you stated is the gross figure for the four fields, not PMG's.

For April it was 175 boepd net to PMG for all four wells...

May's figures were published towards the end of last month and are publicly available for anyone who cares to read them.

All NL production figures are publicly available, albeit a couple of months in arrears.

Just released.... Diever figure is 12.4Nm3...same as January's, with Feb/Mar/Apr around 10.

They did announce that it had been shut in during May, so maybe June's figures will be better..

But the impact of coming onstream from 6th April until the announcement it had been shut in on 28th April....doesn't look huge.

Oh that's crap...

A rather desperate prop up the SP RNS to my eyes. They need to show there's something more coming from NL for sure (see below).....but no mention of anything else ? Strange.

February's production figures are out and the figure was 192 boepd net to PMG - down from 241 in January (310 in Jan 2022).
Graphs for each of the four wells:
https://i.imgur.com/5J4pG3C.jpg

I guess there may have been some downtime at Diever whilst they hooked up LDS-01.

So the new well is more than welcome...just remember that PMG have only a 7.5% stake in Drenthe VI (and possibly a royalty payment that has not been divulged yet).

40m3/day of condensate is high - slightly higher than DIV-02 was producing back in 2018 (maybe 35m3 peak) so seems good news.

Work on the other NL fields is all 'potential' and no drills planned. If they (Vermilion) get as far as finishing the work/studies then any drill is likely at least a couple of years away.

Making a final investment decision on Papekop - remember they have had 15% of Papekop since August 2012...when they announced "...the portfolio being acquired provides Parkmead with near term oil field developments at Ottoland and Papekop with the former forecast to come onstream in 2013." Ottoland never happened and nearly 11 years to get to where they are at Papekop - not sure if I'd be claiming 'excellent progress continues...'!!

Anyway, has been some interesting times in the last few weeks, and judging by the number of posts filtered, the same muppets are still out in force!
FWIW I have put some more ££ in over the last week.
GLA!