Interests in nine licenses, all as operator.
14/20a in the proximity of the GPA.
30/12c, 13c, 17, 18 and 19c in partnership with Serica, Zennor and Calenergy.
47/10 and 48/6. Natural Gas on Dana's old stamping ground.
205/12 Next door to our Sanda Licence.
Lots of other oilies down sharply today but we tick up another 6%, and on decent volume.
The buying has been relentless for weeks now... Is it just privateers like me and you or a more concerted effort by an institution?
The share price has now doubled in a few months and put some of us back in the blue once again, after what seemed like an age in the red.
Sometimes you just have to trust your research, ignore the noise and keep buying, I just wish I'd bought even more at 35p.
We have to thank Fidelity for that one, dumping their shares at the bottom of the market.
What a foolish decision that has proven to be!
Could well be why buying has recently occurred ...........................................................
Perth and Dolphin are located in the Moray Firth area of the UK Central North Sea, which contains very large oil fields such as Piper, Claymore and Tartan. Through a series of licensing round successes and strategic acquisitions, Parkmead has established a key position in this area of the North Sea. Perth and Dolphin are two substantial Upper Jurassic Claymore sandstone accumulations that have tested 32-38° API oil at production rates of up to 6,000 bopd per well. At Perth, the Claymore Sandstone forms a combined structural-stratigraphic trap, onlapping the Tartan Ridge to the North, with a southward-thickening and dipping sandstone wedge. The sandstones that comprise the accumulation were deposited as deep-water turbidites sourced from the Halibut Horst, with a minor contribution from the Tartan Ridge.
Parkmead made a number of important growth steps during 2017 in relation to the GPA project. An invitation to tender was announced to the service provider market, covering the pre-FEED, FEED and subsequent development phases of the project. Parkmead was pleased to report that 13 alliance submissions were received, comprising 35 companies, across all project components of drilling, subsea construction and export route options. After evaluating the proposals, Parkmead is holding onward discussions with a number of leading, internationally renowned service companies.
The majority of the proposals have focused on innovative approaches to the potential development, with significant new work carried out on well planning, timeline to production and financing. A number of the proposals have also offered finance to the Group for major parts of the development, further reducing the capital expenditure required to bring the project onstream.
A clear time frame would be nice but it's too early to know when the GPA project will be delivered. There's also the question of financing but I think that once Tom Cross has the TRACS report and the Nexen study he'll have all options available to him. I'd imagine that he'd want to keep control of the project in terms of equity, however, he'll also have the option of higher RBL if the TRACS report delivers the potential upside in reserves. I wouldn't be surprised if he opts for a placing soon after the Nexen and TRACS information as it should be the perfect time to offer one. I think there's a good chance that his timing here could be perfect as I can see oil heading over $80 - as well as supply issues with Iran and Venezuela the Chinese demand is soaring.
I believe the outlook here is potentially very positive but at the end of the day oil shares on Aim are high risk investments so anything could happen.
I totally agree with your post bar the second last paragraph ! All appears to be coming to fruition with basically 100% of assets owned by Parkmead. All going well
This ingenious plan of Toms could well kick off late 2019 or sooner depending on the FEED results which would take approx 6 months when they start !
"The thing I don't get is the faith in the management in view of their track record"
IMHO Tom Cross' track record is pretty impressive. (Ignoring Dana) It appears that he's been very shrewd in taking 100% of equity in the GPA project while the oil market was in the doldrums. He's now put PMG in a fabulous position where they're on the brink of being able to move into the development phase and add real value to the company when the oil market is showing no sign of slowing down. The market appears to be recognising the potential and any news that indicates further progress could mean significant upside to the share price given the current environment.
I think Tom Cross has been very clear in his strategy. He said that he'd be taking advantage of the downturn by making acquisitions and now he's saying that he's looking at all options of increasing reserves (TRACS commission), reducing future capex/opex costs (nexen report on the scott platform) and moving towards production by entering into a contracts phase. He seems to be a man with a plan who's already been there and done it with Dana and is now getting on with it with PMG. The choppy oil market has meant that he's had to take his time but he's added huge potential here that has a great chance of being realised given his experience and standing in the industry.
Or alternatively Blouse might be right that he's incompetent, closely linked to the hbos crime and riding on the coat tails of his FPM investment and the oil price rise.
I'd say he's probably due some credit for the successful dutch gas business and for keeping the company debt free but then again I suffer from a bad case of confirmation bias.
Good luck if you're invested here.
Yup- that's great for anyone who only bought at 35p, but less material to the vast majority who have held for a long time and bought much higher.
Clearly it has momentum tho and being able to sell at 64p today is a heck of a lot better than appeared likely a few months ago. But then $80 oil wasn't expected then either.
The thing I don't get is the faith in the management in view of their track record. Ignoring my governance concerns ( and potential risk from the historic fraud) in the last 12 months this share has gained about 20% ( taking into account the spread ) whilst the oil price has almost doubled. So the management have not added any demonstrable value in that time. Tom Cross has been in charge for a decade or so and even with the bounce in recent months hasn't delivered any shareholder value either in absolute terms (after inflation) nor compared to benchmarks.
Faroe Oil has risen 405 or so in recent months which translates to a meaningful part of PMG's rise.
So after 10 + years in charge I struggle to believe that the management will deliver value in the true sense of the word, especially as the SP seems relatively correlated to the oil price which is relatively volatile
Good luck to the longs, and set your stop losses
-time limit 1st August 2019
-If PMG has either been served with a legal claim or been interviewed by the police by then I win
- if they haven't you win
-If I win you pay me £100,000
- If you win I pay you £5,000
- Each of us deposit £5,000 with the accountants to be frozen until they can determine the winner.
- Any RNS referring to either event is conclusive in the absence of manifest error
A true grease consists of an oil and/or other fluid lubricant that is mixed with a thickener, typically a soap, to form a solid or semisolid. Greases are a type of shear-thinning or pseudo-plastic fluid, which means that the viscosity of the fluid is reduced under shear.
Scott Platform will accomadate Parkmeads hub.. where approx 1 billion barrels of oil will be retrieved. Tom Cross has a track record second to none...... Deirdre is backing all E and P oil companies to get as much oil lying in isolated areas to tie in with the immeadiate infrastructure.......
Get on this train before it leaves the station.....News on FEED coming soon !
Still you refuse to admit you have suffered big losses in this stock and are holding a losing long position- apparently having done so for years.
Given a chance to put your money where your mouth is with a bet you show no interest in doing so.I'm not interested in playing games whilst you come up with reasons to wriggle out of taking the bet. Clearly you are happy with the results of your investing approach, despite your losses. Only a fool keeps doing what doesn't work expecting a different outcome. But if that makes you happy so be it- trading and investing is a zero sum game- for some to make money others need to lose it.
After the weekend press it seems even more likely that before too long PMG will be issuing a statement that it is incurring costs arsing from it's former fraudulent director's antics. At that point you can stick your head even further in the sand. My guess is by next Summer.
I didn't ignore your points, which are incorrect, but acknowledge, as you also do, that it is pointless continuing this discussion. You clearly aren't interested in facts and prefer to rely on your opinion regardless of how little research you have done into the underlying issues. I suspect that approach is correlated to your financial losses on this stock.
It would have taken some time to address the inaccuracies in your points. Conversely it would've taken you seconds to answer my very simple and direct question of whether you are in profit or loss on this stock. So to criticise others for not addressing points whilst refusing to answer a simple direct question is hypocritical and revealing.
Clear evidence of Confirmation Bias. If you think it's a million to 1 shot let me put £5000 on it with you at odds of only 20-1.
And the cover up of the fraud that PMG was at the centre of is the lead financial story in the Mail on Sunday today - dominating the front page of its financial section.
Hardly the history and irrelevance that some wish to believe
I note you ignored all of my points where I'd pulled you up.
This is getting v boring.
Let's just agree to disagree.
You think it's 50/50 that PMG get pulled into the Lloyds issues. I think it's 1 in a million.
If you haven't lost money here and you aren't short then it doesn't make sense as to why you're investing so much time on this board.
Good luck everyone who's invested here.
in the last 48 hours you have called my posts "irrelevant waffle" & "history". If only you actually were interested in news related to companies you invested in you may not lose so much.
For anyone interested in understanding how current the fraudulent events that centred around PMG's former director David Mills and PMG's subsidiary Quayside are; and how serious they are then look at these two links. last nights C4 news piece is powerful
Far from being irrelevant, momentum is building on Lloyds bank and, in my opinion, the closer the whole situation is scrutinised the more likely that PMG will become embroiled in it in one of numerous possible and expensive ways. But hey, perhaps ignorance really is bliss CSZ? After all, how could the company that employed one of the biggest fraudsters in UK history and owned the company at the heart of multiple frauds possibly have any exposure???
Clearly the Confirmation Bias is strong with you !
I note that you didn't answer my question about your position in and losses on PMG. I won't hold my breath .
Despite your wishful thinking I didn't suffer any losses on PMG as I have never been long or short ( weird that you overlook what I said to make a point!)....probably a rare thing amongst this BB to not be nursing a loss.
"The convictions have at last forced Lloyds to accept some responsibility. The bank has conceded that it will have to pay the victims compensation and has set aside £100m for the purpose."
6. I give up. Good luck with your non-investment here.
CSZ you used a 4 year old article last week as your proof of 1Bn barrels and the figures it contained said the same figures that I am saying are true and that you are arguing against.
How old is too old to use and when is fact argued against? You need to get the life I think.
If you believe that then it explains a lot about your judgement which resulted in your losses on this share.
I'm sure those former employees/associates of PMG who were sentenced to 47 years in jail just over a year ago wish you were right and it could all be forgotten. But unfortunately there is so much publicity about it that new enquiries and investigations are springing up regularly and more and more victims seem to be coming out of the woodwork too. And with each one new pieces of the puzzle emerge as they collaborate.
Thames Valley Police alone spent £4m on this by last year and are still going strong- so they obviously believe there's much more naughtiness to prosecute .
Of course it is possible that none of this results in anything, but I wouldn't bet (or should I say, invest?) on that in view of how it is snowballing. And it is possible that PMG somehow escapes any impact from the investigations, civil and criminal actions despite it's director and subsidiary being at the heart of multiple frauds for 18 months or so. personally I think it would be useful to know what PMG knew when they jettisoned Quayside . Did they know of the fraud and keep quiet? And why shouldn't PMG be vicariously liable for the actions of David Mills and Quayside whilst they were at PMG?
Tom Cross claimed this creation of the false market was inadvertent, but it makes me wonder if the £2m liability from Mills to PMG was ever repaid at all? As Quayside failed probably not. Perhaps someone from PMG itself can tell us?
One would hope that PMG would have made a clear and prominent disclosure if it wasn't paid but then again I do find the governance of this company far from ideal. A few weeks ago they had to issue an RNS apology/correction and for years they have lent money to Tom and other of his companies, which whilst disclosed isn't best practice.If TC's other companies could raise the money cheaper they would- which indicates PMG is lending the money below commercial rates.
It's also odd that PMG raises money and when it doesn't need it instead of returning it to shareholders it lends it to the CEO to try and make a return for him and his associates in a completely different company.That seems to leave much of the risk with PMG yet the upside with TC.
And isn't TC's skill meant to be in identifying cheap assets and buying them? So if he hasn't been able to reply his capital should that reflect on his remuneration?
More questions than answers but as far as I am concerned they are red flags
Whilst clearly not connected to the Mills/Quayside issues, it doesn't fill me with confidence of a board with an ability to pay sufficient attention to governance and detail- which does have a read across to the Mills issue
You and Mary appear more interested in attacking the messenger than dispassionately considering the facts in the message. That would indicate Confirmation Bias, which is widely recognised to be a dangerous heuristic for an investor.
Dealing with your questions/accusations-
1. I'm not making inferences about Mary's purchase price- her previous posts make clear that she bought shares way above 200p about 4 years ago and was encouraging others to believe they would rise significantly from there. If she had invested in low risk products or shares elsewhere that cash would be worth circa 300-350p now, and if she still holds PMG it is worth 53p. Value destruction on a massive scale. [ Perhaps it is ironic that my previous post referred to iinformation in the public domain that is available to people but not accessed and is the difference between the judgements people make?]
2. I have made clear previously that I am not short nor long and never have been. So I have no 'agenda' to 'peddle'. But what's your position? presumably you are long and currently suffering a paper loss even before considering what would have happened with an alternative investment?[ I suffer losses too- but I cut them early ]
3. You dismiss my posts as 'carp' (presumably a typo, but you mean rubbish?) yet you have not denied any of the facts I have posted and instead play the man not the ball.
4. Your suggestion that it is "very unlikely" that PMG can suffer any- let alone a substantial-financial loss from it's previous director's and subsidiary's unlawful behaviour must be a pure guess dressed up as an opinion, unless you have extraordinary inside information. Look at my earlier posts on this subject . There are numerous potential bases for former shareholders of PMG, clients and victims of wrongdoing to bring civil actions against PMG as well as the potential for all sorts of criminal prosecutions. The number of ongoing regulatory, private and criminal investigations into the further nefarious behaviour of Mills and Quayside run into double figures according to Google. Not surprisingly the publicity from the specimen charges has led to a torrent of people claiming "me too". If you are in any doubt that this is real just google David Mills (PMG's former director) and Quayside (PMG's former subsidiary) and you see lawyers advertising for claimants . Obviously HBOS is responsible for some, and maybe most, but that doesn't mean PMG aren't as well or for different ones. Indeed HBOS may have a claim for contribution for their loss against PMG! personally I doubt they will bring that as they just want to hush it all up, but who knows what a new CEO would think.
5. The suggestion that HBOS has "accepted responsibility" is laughable. Look at what Thames Valley Police have said about how Lloyds and HBOS thwarted them at every turn and tried to cover things up. Only last week the FT reported on how this is going to run and run, as new cover ups keep coming to light (
6. As regards your details about PMG's business then of course those are ALSO factors to take into account in deciding whether to buy, hold or sell PMG. Neither you or I can judge whether that is "more pertinent" as you claim though because we simply cannot calculate the size of the liability if the past fraud again catches up with PMG. Lloyds thought it had no risk from PPi and has so far set aside £19 billion.......so it would be naive to think even very experienced and very highly paid directors and lawyers are able to assess the risks of litigation. So what chance small investors?
And with oil at a 4.5 year high PMG shares are barely back to the level they were a year ago. So they have performed significantly less well than a straight play on oil .
The problem is that it is impossible for anyone to know what the exposure to PMG is IF the risk manifests. Lloyds have set aside £100
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