RE: Robs….16 Nov 2022 19:50
@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
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