RE: So so cheap1 Apr 2022 13:40
doyle, there is much potential for sure. The question is will any of it ever get realized?
PMG have not drilled a single well as operator since they were formed...
Since then they've also raised £78 million and gained another £6.2m when FPM were taken out. So where is that £84million now?
300boepd from the Netherlands, three windmills and a farm that belonged to TC's wife? And potential.
With much publicity and promise they have acquired multiple licences as operator, none of which have gone anywhere and many of which have been relinquished:
After TC became Chairman in 2010 the first annual report said "During November 2011, the Group completed its first acquisition in the UK North Sea in line with its philosophy of acquiring known properties, in this case the Platypus gas field and Possum gas prospect. The Parkmead technical and commercial experts have a long history and detailed knowledge of these assets making these an ideal first acquisition for the Group."
Hmm...
Platypus 15% (Dana operator) - discovery (flowed 27mcfpd) - relinquished.
Pharos 20% (Dana operator) - discovery - relinquished.
How many ££ sunk into Athena (10% -> 30%), was flowing 7.5K boed (and yet more to be sunk decommissioning?) - partly decommissioned.
NL assets acquired in 2012:
- 15% in Wijk en Aalburg producing field - shutdown.
- 15% in Ottoland oil field development, drilled, tested, due to come onstream 2012 - never happened.
- when acquired these fields (it did not include Diever then) were producing 2000 boepd, and PMG stated "300 boepd net to Parkmead". Strange that, since there was no mention of the royalty that effectively made it 150 boepd....and has been kept quiet for the last ten years. Incidentally, 300 boepd is what they are getting now, including the addition of Diever, which is 80% of the total production.
- 15% in Papekop - note that there is still €3m payable to Dyas if it ever gets drilled and flows...
- 7.5% of Diever - does anyone know if there is a 'hidden' royalty attached to that? When they bought out the royalty on the other three fields last year, they only stated that "The Drenthe VI licence, containing the large Diever West gas field, is not affected by THIS royalty." (My caps). Could there be a separate royalty for Diever, which was also a co-venture with NAM like the other fields...?
- In 2017 they said "including a new well at the Geesbrug gas field to maximise production and early development planning at the Ottoland discovery" - neither happened.
Lowlander - "The addition of Lowlander increases Parkmead’s 2C resources by 29% to 95.3 million barrels of oil equivalent (“MMBoe”)"- relinquished...
Polecat (50% -> 100%) - appraisal well (before PMG got it) flowed 4373 boed - relinquished...
Marten (50% ->100%) - discovery (before PMG got it) - relinquished...
Sanda North and South - relinquished...
Skerryvore - back in 2014 - "Skerryvore site ahead of the prospect being drilled in 2015..
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