Member Info for robs12

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....

Am I being stalked again LOL..???!!

"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!

Sponsorship of the Scotland cricket team....what else is needed?!

GPA is the only potential game in town for PE IMHO.

The rest is noise.

steven49, the royalty acquisition included only 3 of the 4 fields, not Drenthe VI which is Diever and approx 80%+ of the NL production. That remains at 7.5% working interest.
The royalty on the other 3 fields was not disclosed to shareholders for years. All 4 fields were acquired from same previous owners, and to date I've been unable to find anything from PMG clearly stating that they have a 7.5% financial interest in Diever (rather than working interest). Hence the question mark over what their actual financial interest is. At best 7.5%, but could be less if there is an undisclosed royalty on that field too...

PMG have 7.5% of the Netherlands drills.

Possibly less a royalty they haven't told us about.... ;-)

Gogsy, I had Davaar down for Oct 2023?

Hmm. Good that they have decided to drill.
Maybe not so good that Zennor have pulled out completely, and there's no indication of timeline at all...other than the expiration date of the licence I suppose!.

I am hoping there will be a positive drilling decision on Skerryvore sometime soon, and hopefully a deep pocketed partner racks up to manage it. It's explo and risky, but in the current environment one hopes someone else sees the potential. That could bring a decent % jump up.
I don't think anything interesting will be announced for GPA this year...if anyone was sniffing and interested it would already have happened.
At least one of the NL drills will happen, hopefully some concrete news about that very soon, which should se a small spike up too.
Wind farm application - nah.
Stop sponsoring the Scotland cricket team - nah.
TC pay rise - probably.
New options for them - yep, think there will be something by year end, or tabled for the AGM.
Applications for previous licenses (maybe Platypus) - yep....will they win any, maybe, but I doubt they will get Platypus having only just relinquished it...
Still think the SP will be north of here by year end. But not £1...

That's because it will take years before PMG start producing from any new projects, even if they can find suitable partners willing to work with them, which they have clearly struggled to do with GPA, Platypus, and well....TBH, every other project they have worked on....
They can't just drill a hole and turn the tap on by Christmas...hence the valuation.
Remember that PMG have never drilled a well as operator..
The only impact high O&G prices are having right now is increased short term cashflow from the four Netherlands wells....(which were once again reporting reduced production in the last published figures for June).

Spooky, I think I'm being stalked...someone replies almost immediately after every post I make, even at this time of night... The filtered list extends to several now, so not sure who it is...but irrespective...no, I don't believe it will be £1 by Christmas!

PMG have produced nothing in the UK since Athena was shut in in January 2016 - six and a half years ago....six and a half years of nothing...

Their only production is NL gas, riding on the coattails of Vermilion, since August 2012...10 years ago. And for most of those 10 years they hid the fact that they only had 7.5% of the revenue, rather than the 15% Working Interest they broadcast to all.

And of course the three windmills which produce enough to pay half of Tom Cross' salary each year...

Good luck to the believers!

PMG RNS from 2018:

"Southern North Sea

Parkmead has been awarded a new licence in the Southern Gas Basin. This is an area where the Company has a deep technical knowledge of exploration plays and is building a portfolio of targets. Parkmead has already had significant success in the Southern Gas Basin with the gas discovery at Platypus. The field was subsequently appraised with a horizontal well and flow tested at a rate of 27 MMscfd (approximately 4,600 boepd on an equivalent basis).

Blocks 47/10d & 48/6d (Parkmead 75% and operator) contain the Blackadder prospect and Teviot gas discovery. The Permian Rotliegendes Sandstone is the primary play fairway on the acreage and is proven productive by the numerous discoveries in the area including West Sole, Hyde and Amethyst. The proposed award contains a drill or drop work well. Parkmead’s co-venturer on this licence is Cluff Natural Resources."

Ho hum..

PMG's interests not nearby (thankfully), but an interesting article:

https://www.theguardian.com/world/2022/aug/22/fears-earthquakes-dutch-gas-field-energy-crisis

"Since when have PMG delivered on the assets/potential they have boasted about for years."

They haven't...not once. Much hype, broohaha and boasting, but delivery of no asset or project at all.
They've bought a farm (..still a farm...yawn), a small windfarm (OK, three turbines, hardly a windfarm), and Dutch gas fields, both developed by others.
They've bought and relinquished many, many licenses with zero result.
They sunk a lot of $$ into Athena - disaster.
The only thing still going for them is GPA, but after several years of trying to spruik that, they now have to resort to flogging it for whatever they can get through a third party.
Lots of cash raised, all gone...with nothing to see for it.
Several relatives have good jobs and TC has a very comfortable lifestyle on the £500K+ salary.
If it weren't for a war and resultant short term cash inflows there would be nothing of interest.
I suspect PMG will be no more in 2023, sold off in full to the highest bidder for GPA.....if they can find one...

L3Trader, Diever-02, the current producing well on the Diever field, took 18 days to drill, but another year before starting production. Diever-01 took about 7 weeks to drill, but that was back in the early 60's.
No idea what depth the LDS wells are in comparison to DIV-02, but I'd be estimating 3-4 weeks for drilling.
If they are confident, they'll have wellhead eqt on standby for the end of drilling, so could be quite fast.

Wind farm revenue (at least last year's) pays about half Tom's salary.

NL gas revenue is very healthy right now!

The trouble is AimOilking, PMG are not really a producer, they have a small stake in four gas wells in the Netherlands, producing less than 300 boepd. With the planned new drilling that may increase a little, but won't be significant.
They have potential (GPA & Skerryvore) but the reality is that it will be (many) years before they start producing from those - if they actually get over the line and start work on them, assuming they can find a partner.
So short term O&G price spikes are not really relevant.
If you want exposure to that you need to jump into current producers. Don't think I've ever spruiked another share on this board, but AET seems a good opportunity right now , DYOR etc etc.

Much looking forward to this morning...!

GLA!