Member Info for Sonofthebull

Lsegard7::::::you will not be missed with your negativity !

Nexen's Scott platform Aberdeen oil firm Parkmead says it is aiming to unlock “substantial value” from the Greater Perth Area (GPA) in the North Sea, after narrowing its first-half losses for 2017. The London-listed company, with operations in the UK North Sea and the Netherlands,posted an pre-tax losses of £4million in the six month to December, down from £4.5million in the same period in 2016. It comes after the firm took full control of the Greater Perth Area (GPA) in the central North Sea last month, including the Perth and Dolphin fields, following a deal with Faroe Petroleum. The deal lifted the company’s net reserves to 46.3million barrels of oil equivalent, a 67% increase on the previous year. Parkmead says a detailed study is being carried out into whether it can be tied-back to the Nexen-operated Scott platform nearby. Executive Chairman Tom Cross said: ““I am pleased to report excellent progress in the period to 31 December 2017. The Group has doubled gross profit, through a combination of Parkmead’s increased gas production in the Netherlands and the proactive cost reduction programme in the UK. “We are also pleased with the major progress made with the Greater Perth Area project. By increasing our stake in the Perth and Dolphin oil fields, Parkmead’s oil and gas reserves grow by some 67%. “The study with Nexen will examine one path to potentially unlock the substantial value of the GPA project for the benefit of the UK and Parkmead shareholders, as well as providing further value for the existing infrastructure partners. “The team at Parkmead is working intensively to evaluate and execute further opportunities which could build value and provide additional upside to the Company. Parkmead is analysing both oil and gas, and wider energy related opportunities, which could broaden and enhance the Group’s revenue stream”

Doubles profit and still got money in both banks his and Parkmeads. Onwards and upwards !

Kid:::: I call it being trolled !

Kid:::: What do you want to be a policeman and non shareholder......Strange dude !

Kid::::::The big question unanswered by you is why are you here ? If you own no shares.

Kid:::::I own shares in Parkmead. Do you ?

https://www.cjexposure.com/single-post/2018/01/23/A-Walk-In-The-Parkmead

Kid:::::Toms a business man who knows how to move the chess pieces.....we all know what you are.

It’s effectively called making money !

Nexen and there Scott platform partners hold the key.

Kid:::::I will go with the FEED report rather than listen to you.

Kid::::::All will be revealed in the FEED report or you can phone Tom and ask your normal silly questions.

Aye ,in the UK West coast oil, East coast oil and gas and fields in Holland producing gas. All taking shape for Parkmead and shareholders increasing value day by day.

Kid:::::phone Tom that was his words at the AGM.....also in talks with Statoil for using Parkmeads hub.Is that not fantastic news.

Kid::::::He still buying up licenses in the Area.... he not finished yet......1 billion barrels going through Parkmeads hub. Is that not fantastic,

At some point it is going to need to find significant amounts of funds to reach production, but with the option of possibly using the Scott tie-back (depending on whether that can be adapted to handle the higher hydrogen sulphide levels) that may now be a lot less than had been expected had the company gone down the FPSO route – a FPSO may still be the only option, depending on whether the existing facilities can be adapted to the type of oil at GPA. I would also expect some form of debt funding rather than anything that diluted equity by a significant amount for current shareholders. The studies currently being undertaken should give a clearer picture on all of this. Aside from GPA, the Dutch gas assets are enough to keep the company ticking along without burning through its cash reserves too quickly – those stood at circa $34 million at the end of June 2017 – and it is also debt-free. But it has been loss-making on a net basis and everything really revolves around the GPA area and the potential from that, if and when it starts producing. For me, given the amounts of oil and possible production rates, I can see plenty of value at the current market cap when compared to its peers, so this remains a long term buy and hold.

I can understand why longer term investors in Parkmead Group (PMG) may be somewhat unimpressed with the performance of the share price recently, but the company itself is continuing to make good progress. I hold shares in the company myself, and whilst the share price has generally been trading in the mid-30p to low-40p range, in spite of the strength that the oil price has been showing in recent months, I’m happy to remain invested and see how things unfold in the coming months and years. With any oil and gas company, things always take much longer to come to fruition than people originally expect, but if a company does have a major project which it is working towards taking into production, and as long as you see a realistic chance of that actually happening, then often the best thing that you can do is nothing at all, or even add more shares whilst the price is supressed. Parkmead is a company which operates offshore in the UK, as well as having gas assets in the Netherlands, and is run by a team which has form in the oil and gas sector for building a company into something big, with executive chairman Tom Cross having done it all before at Dana Petroleum. Past success isn’t necessarily proof that the next business will perform so well, but I would definitely place some faith in him given what he has previously achieved. The company has just announced that it has further increased its interest in the licences which make up the Greater Perth Area (GPA), one of the largest undeveloped projects in the North Sea, and with oil prices more buoyant it could well be the perfect time to have done so. Parkmead now owns 100% of the Perth and Dolphin licences, and of the GPA area, and has also signed an agreement with Nexen Petroleum to carry out an engineering study to explore the potential for a subsea tie-back to the Scott platform. Additionally, AGR Tracs has been commissioned to undertake a reservoir study looking at fracture stimulation which could increase both flow rates and the overall recovery factor, and would also mean a reserves upgrade. Both Perth and Dolphin have achieved production test results of up to 6,000bopd from a single well. The increased stake in GPA has also added significant amounts to the 2P reserves of the company, which now stand at over 46 million barrels and with plenty of upside potential as the whole area could have as much as 500 million barrels of oil-in-place, with the core Perth area alone estimated at 197 million barrels. Obviously that all sounds very good for a company valued at just £41 million currently – especially when you take into account its other development licences such as the Platypus gas one alongside the GPA hub, plus all of the exploration blocks. But to unlock any of that value it needs to reach production, and the company is making progress with the FEED (front end engineering design) for the field. At some point it is going to need to find significant amount

Doyle172:::: what ever you mention the kid will respond with a negative reply....

Kid:::::::phone 01224 622200 ask for Tom.