PARKMEAD GROUP

More negative talk: finally decided to get out of this dead duck (at a loss) and put the proceeds into HUR (also lowly priced ATM relative to recent highs). Same industry, same problems but a lot more potential IMO.

Good luck to all

Crying out loud...

I sold my PMG holding some years back but kept an eye on them and this board out of interest UNTIL I got heartily tired of all the negative banter. Came back for the first time in maybe 2 years and I see it's still going on.

Aren't you tired of it yet? No reply expected because I'm off for another 2 years.

Wikkid, these boards are full of people dealing backwards, claiming transactions they wish they had done as opposed to the ones they did, but pulling up a post from 2011 shows a dedication to truth and justice way beyond what these boards deserve. I don't know whether to congratulate you or suggest you get out more.

16/08/2011 CSZ post
Hi sound,
Yes topped up at 20p all the way down in batches
And in profit at 3p. First buy in was 9p from his own posts.

Kid
Never bought sound....Hurricane yes multibagger eh !

Come on Call Sign Zeros, try to post something that's bell evable for once.
Buying from 9p up to over 20p and your in profit at 3p. Your other investments were XEL and Sound, so I do believe that PMG was a top model investment by comparison but 80% losses are not 'in the black' lol.
Poor deluded fool and a liar at that

Sound
My oil and gas portfolio is well in the black thanks for asking.

Hi Call Sign,

Hope all is well. Good to see Tom wheeling and dealing and putting some meat on the bone. Have you broken even yet.

Warm regards

M

Parkmead shares up as latest deal lifts North Sea

7 hrs ago / Scott Wright, Deputy Business Editor
0 comments
SHARES in Parkmead leapt by nearly six per cent after the oil and gas company doubled its stake in a key North Sea area, giving a further shot in the arm to the embattled basin.

Parkmead, led by North Sea veteran Tom Cross, showed its appetite for doing deals at the current crude price by striking a deal to acquire a 50 per cent interest in two blocks in the Southern Gas Basin from Verus Petroleum. The acquisition doubles Parkmead’s equity in the area, which includes the Farne Extension prospect and four further leads, to 100 per cent.


Parkmead, which operates the licence, said the collection of prospects and leads within the area have the potential to contain an initial 175 billion cubic feet of gas.

The deal is the latest boost this week for the North Sea, which has suffered drastically following the plunge in Brent crude prices since the latter part of 2014.

On Wednesday Repsol Sinopec underlined the foreign-owned company’s commitment to the area as the venture started production from the flagship Montrose Area Redevelopment. That came after oil and gas junior Hurricane Energy raised hopes of an oil and gas boom West of Shetland after an export report concluded more than 500 million barrels could be recovered from its Lancaster field.

And last week oil and gas majors Royal Dutch Shell and BP signalled their commitment to the North Sea. Shell said it will continue to invest in the area, though it declined to rule out offloading more UK assets, while BP said the outlook for the North Sea looks positive amid expectations that the crude price will remain above $50 per barrel.

Mr Cross, who built Dana Petroleum into a £1.9 billion business, is on record as saying the downturn caused by the crude price plunge presented opportunities to buy North Sea assets at attractive prices.

The Verus deal comes shortly after Parkmead bought stakes in three Big North Sea finds from Atlantic Petroleum.

And the Aberdeen-based company reiterated yesterday that it continues to assess further value-adding opportunities, including UK and Netherlands-based acquisitions.


It declared that its strong and debt free balance sheet put it in a good position to take advantage of the improving conditions.

Brent crude was trading just below $50 per barrel at 5pm last night, having dipped to about $27 per barrel at the depths of the downturn last year.

Mr Cross said: “We are delighted to double our stake in this attractive area, which expands Parkmead’s

portfolio in the Southern Gas Basin.

“Parkmead has a 100 per cent track record of drilling success in the UK Southern Gas Basin to date, with successful wells drilled at Platypus and Pharos.

“The team at Parkmead is working intensively to evaluate and execute further value-adding acquisitions in our core areas of the UK and Netherlands.”

Shares in Parkmead closed up 2.62p at 48.62p.

There was a clear case of blame against HBOS that came up during the court case

https://www.theguardian.com/business/2017/jan/30/cash-cruises-sex-parties-hbos-manager-lynden-scourfield

"All of which was allowed by the lax controls within the bank, the jury was told. The court heard how the HBOS computer system permitted bankers to approve credit positions of clients without approval. The manager who discovered the scam described the failings as “astounding”."

There is no mention of any evidence of wrong doing by Parkmead so I do not think it is wishful thinking to believe that anyone is forming a case against them. I can't see how they could or why they would be motivated to when Lloyds are paying out.

I appreciate your concern for the shareholders here but I really don't think there's much more to be had in discussing it unless a case is made and publicised.

We don't know the facts so who knows to what extent Parkmead are complicit. But one thing I do know is that legal liability rests with a company - regardless of changes in directors. Otherwise why would Lloyds be responsible for HBOS fraud? or even HBOS? All the directors are different aren't they?

And fraud- likely other crime, e.g. Rolf Harris etc- has no statute of limitations.
By all means forma view this is irrelevant, but please don't reach that conclusion by wishful thinking. However what can easily be ascertained from a quick google is that Noels' company had a joint venture with Parkmead where Mills co directors and employees were on the board. the FT article suggests Noel was forced to sell cheaply. If any parked employees or directors were involved then I doubt they will come out clean.

HI BB,
The fraudulent action took place a long time ago. From what I've read the predecessor to Parkmead (in name) purchased and subsequently (and fairly quickly) disposed of the operations run, in cahoots with employees of the bank.

I think it would be hard for legal redress to be obtained for a crime which took place so many years ago, when none of the current Directors of Parkmead were involved in any way, in property dealing and immediately turned the Company into an oil explorer, although I'm no legal expert.

Parkmead is not the only oil explorer whose shares have taken a turn since the price of oil dropped. FYI oil explorers do not often generate much profit from oil production as their business is often to generate profit from buying, increasing the value and selling off assets. Tom Cross did this with his previous Company quite spectacularly. He has preserved enough cash and is gradually accumulating a packages of assets which maybe one day will be sold for a healthy profit.

I'm holding a few in that hope.

The focus is on Lloyds/HBOS as they're accepting liability. I think it would be hard to make a case against and Parkmead and not necessary while Lloyds is on the hook.

Tom has spoken again !

It's a pity that Tom promised to accumulate reserves but YOU promised to make gains in the share price.
YOU haven't kept your promises have you?

Today is the first mention I've seen of Parkmead ( then called Interregnum) linked to the HBOS fraud in the media. No doubt other media will pick up on this claim by Noel Edmonds for £50m reported in the normally reliable FT. I wonder whether he's just pursuing HBOS or if Parkmead may also be in his sights?

now.https://www.ft.com/content/e0966490-34cb-11e7-bce4-9023f8c0fd2e

Nice to see Tom proving to all the shorters that he is not going to lay down. Accumulating reserves is what he said Parkmead would be doing at the last AGM... He has certainly kept his word. On wards and up wards !

Noquestionmarks,
Your approach shows your eyes are open and that you have your own reasons ( whether emotional or logical) for holding. I wish you luck. My concern with callsignzulu's posts are they appear to over emphasise the hope value and fail to explain the downside risk which may suck in less experienced investors into a share that is riskier than they believe.

Key words in your summary are 'Wild Card'. Understanding this is important. People punting this as odds-on are deluded and. Honesty from investors and posters is good to see

Hello all,
Valid arguments on both sides, it's good to have a frank exchange of views and as long as respect for one another's views is given only good things can come of it.

Why am I invested?
I have to confess to a romantic hope that Tom and the team recreate the success at Dana.
Dana were my first ever investment (bought for me by my Dad) and they repaid me handsomely.

http://www.telegraph.co.uk/finance/financetopics/profiles/8113069/Dana-Petroleum-chief-Tom-Cross-reflects-on-the-deal-of-the-decade

The PDL hub seems to be like the Dana of old, pulling together discarded pieces of other companies jigsaws then reassembling them to create economically viable O & G projects.
The only variable I see is the price of oil. Apparently in the near future we are all going to be driving electric vehicles, flying ones no doubt. Do you buy it? If oil can sit north of $60 PDL seems a corker, if not it's a dead duck.
I think oils got another cycle in it.

With Toms background and track record he is always going to attract investor money.
I have plenty of sensible investments, this is one of my wild cards.
Good luck to you all, whatever your view.

And if I remember correctly Blind Faith had just one LP and a fairly acrimonious break-up. We'll see what happens with PMG.

FWIW, I have spent years 'investing' in small O&G and mining coys and, truth be told, have lost my shirt on most of them. And even with the winners I picked, being happy with a, say, 40% return I didn't let them run sufficiently for maximum gain. The biggest lesson I have learnt is that it is best to bet SMALL no matter how great the 'experts' say the potential is - limits the gain of course, but also the risk. And these coys are all about risk.

You always have CSZ. It's called blind faith. Did he tell you about 90% losses when you were topping up after listening to him?

Blouse
I'm going to stick with what Tom Cross is saying !

Kolwez,
Correct. Indeed whether you look at a chart for PMG over 6 months, 1 year, 3 years, 5 years etc it shows an appalling investment. Some may claim they are trading it but even if that is true ( unlikely in my view) that is not something most holders of this stock would be capable of doing.

And no dividend to soften the blow. in the last few years alone PMG has lost £27m.
Of course anything is possible, such as winning the lottery, but I am baffled why anyone can't see that the upside on this company doesn't justify it's risks. And that is the key to investing as opposed to gambling or hoping. There are some great companies, with modest downside risk and massive upside, hiding in plain site, some of which I have been lucky enough to find. But if anyone doesn't believe me just contemplate that circa 3 years ago if you had bought Microsoft you would be sitting on 2.5 times your investment now(£10,000 would be £25,000....from dull and old Microsoft!!) ; Fever Tree, £10,000 would be £80,000 etc. Neither had the sort of downside risks that PMG has. genuine, objective diligent reading into companies will help investors understand ALL the risks and the scale of possible upside, and sort 'hope value' from 'expected value'.

Sadly neither of those were ones I spotted, but they prove the point. In the last 6 months I have made what I consider to be RELATIVELY low risk investments with a disproportional upside and am sitting on ridiculous gains, no doubt with a slice of good fortune.
And the most obvious example of one in plain site is EPWIN- I only became aware of it earlier this month after it's latest results had been posted. Earlier this week I was already 23% up ( now slightly less).

For those willing to do the work there are some interesting- not risk free, but lower risk than PMG- opportunities and I keep searching for more. For those not willing to do the work you shouldn't be investing in the market in my view

Had a look at the 3 year chart of this company - ouch. So much promised so little delivered, it seems. This is one party I'm glad I came late to......

Thanks for the advice callsignzulu but I would have thought it was obvious even to you that I don't have any of these to sell. Worrying if you couldn't draw that conclusion from my earlier posts.
I am not short either- my posts are hence objective

Girls Blouse
Don't invest in PMG if you are not convinced. Press the sell button and the share price rises ...... Sooooooo funny !

I'm afraid I just don't find this convincing as a reason to invest or even hold this stock.

Companies like this can have break out hits but all the positive news is in the market ( though negative isn't). Yesterdays update from Genel shows the level of risk. Even with an incredibly experienced management, expected reserves kept getting slashed, and the share price follows. The unpredictable price of oil doesn't help predict future cash flows and profits

So even without the litigation risk from PMG's association with the massive HBOS fraud, at the current share price a lot of the upside is in the price. Risk-v-reward just doesn't seem half as good as elsewhere. And they may well need to raise more cash before too long

PARKMEAD Group has taken full control of the Sanda North and Sanda South fields West of Shetland as its executive chairman Tom Cross said the group would “absolutely” complete further deals this year.

The potentially high impact fields lie to the north east of the Greater Lancaster Area, where in January Hurricane made a discovery which it said could contain up to one billion barrels of oil.

Parkmead said the Sanda fields have the potential to contain 280 million barrels of recoverable oil, most likely on a P50 basis, meaning there is a 50 per cent chance the actual quantities will equal or exceed this estimate.

The group has raised its stake in the fields, which neighbour its Davaar field, from 56 per cent, buying out Dutch minor Dyas, with Mr Cross noting that Parkmead’s strategy was to take full control of assets it really liked.
West of Shetland has come to prominence in spite of its harsh, remote environment making extraction particularly challenging, with BP and Shell recently winning licences in the area ahead of Hurricane’s huge find.

Mr Cross said the prospects had the potential to add major value to Parkmead. “The West of Shetland is a really crucial area, my team have made a number of discoveries in the area and we know it really well, much better than our overseas partners,” he said. “Because we’re a long-term British oil company, while the oil prices is low we’ve been taking the opportunity to buy out partners and this is another example of that.”

The licence covering Block 205/13, in which the Sanda fields reside, was originally awarded to Parkmead in 2014 as part of the UKCS 28th Licensing Round, where the group was awarded a total of six new oil and gas licences covering 10 offshore blocks.

Parkmead made a loss of £6.4m in last year but Mr Cross has been in an acquisitive mood, making the most of the fact the group is cash positive and the relatively low cost of assets as oil hovers around $55 a barrel.

Parkmead’s strategy covers three areas: increasing its share of assets it already is invested in, buying up small and medium sizes assets from majors, and acquiring distressed companies.

In August 2016 the North Sea and Netherlands-focused group acquired full control of the Polecat and Marten fields, and followed this in September by increasing its stake in the Perth and Dolphin fields to 60.4 per cent. These four fields are in the Central North Sea.

“The oil price has been on the floor for the last two years but in the overall scheme of things it’s a bit of a blip,” said Mr Cross. “We’ve seen a number of these cycles. It wasn’t that long ago it was more than $100 a barrel, and when you’re looking at a field that could last 25 or 30 years you’ve got to take a balanced view on where the price is going to be.”

The Sanda prospects have been de-risked through preparatory drilling and Parkmead’s experienced team of geoscientists has already undertaken extensive seismic reprocessing work on the licence.

Mr Cross said a decision on drilling would be made later this year. “Now that everyone knows we’ve gone to 100 per cent we’ll get people approaching us that have a rig, so we won’t necessarily have to join a queue,” he said. Once you have 100 per cent people see it as an invitation to come and talk to you when they’ve already got a rig on contract.”

He said farming out Senda in the future was a possibility but added the company’s positive cash position meant it did not have to.

“We can take advantage of low costs and push our programme forward. During this trough, we have been adding assets throughout the period as others have struggled.”

Meanwhile Parkmead has said the planned exploration drilling of the Verbier prospect in the UK Central North Sea could increase the value of its Polecat and Marten licences.

Statoil, which operates Verbier, yesterday announced it would use the semi-submersible Transocean Spitsbergen rig on three exploration wells in the UK.

The $18m exp

Just a few things he's done: told a poster to get a lunch an to invest in PMG, 100% promised a 10% gain 'by Friday', claimed to have phoned PMG and been told things that weren't true.
Posted about his buys then denied them. He is a very dangerous person, doesn't care what is said as long as it's positive.

Thanks Wikki.
I hadn't come across him - or anyone like him- before on iii

It's been clear to all on here for years now that logic OR fact are not going to happen with CSZ yet you ask for logic AND fact - no chance of that.
Too many times he's posted proven lies and had posts removed himself. He never lets the truth get in the way of things. He's desperate, his average is well over 20p in old terms so £1.50. Just imagine how 70% losses must feel? He asked to me cut and paste his posts so I did then he still denied them and asked for proof so I linked to the post and suddenly he shut up not for the first time.

callsignzulu, that says so much about you.

You treat a discussion board for sharing knowledge and views as a battle to be 'won'. There was no battle, just sharing of factual information for people to consider and use to do their own research and analysis (or not) as they wish. I respect your freedom to dismiss my views ( even though they are solidly based on hard facts) but do not believe you have a right to belittle and intimidate others from expressing legitimate opinions which others may find useful. That suppresses knowledge and debate.

I can only wonder you want to interfere with others gaining information to improve their chances of making wiser investment decisions. It strikes me as similar to the kid at the back of the class, giggling and mocking those who wish to learn and improve their prospects, and disrupting their opportunity to learn. We are all born ignorant, but only the stupid wish to remain so, especially when presented with an opportunity to improve their knowledge and learning skills.

The discussion has reached an end. So there is nothing to 'give up'. there is self evidently a risk. If people perceive it as negligible that is their call, and that may serve them well. But if the risk manifests your attitude could cause people real financial harm, which strikes me as irresponsible.

The posts from me and Wikkid that you tried to close down had genuine value in highlighting an issue that most investors in PMG will not be aware of. Yours had none. Why not try and add value for others in your future posts? Like one of mine this month which, for anyone who followed it would have seen them sitting on a 13% profit already. Trust me, that brings much more happiness than throwing paper aeroplanes from the back of the class. You should try it

Blouse
Give up !

callsignzulu,
Meaning?
If you are suggesting that what I said was inaccurate then explain ( with logic and fact) why?

Otherwise time will tell as to whether PMG is ever part of any enquiry, is mentioned in the media for it's association with the fraud, and/or is embroiled in one or more civil or criminal claims.

I expect most objective observers of the discussion will recognise the truth that there IS risk and it IS currently unquantifiable.

Unless of course you wish to report this post and try and have it removed ..... in which case one has to ask why the investing community should not be allowed to be pointed to incontrovertible facts...

Blouse
You have had a post removed. Dear dear !

CSZ has one rule of life. If it's not positive on PMG it must be a lie or written by a shorter. If it is positive it doesn't matter if it's a blatant lie (he's posted plenty of these himself) it's got to be good.

It's official- you are a fool

Any ploy from the boiler room !

Wow.
Callsignzulu doesn't seem to want to let the facts get in the way of endorsing PMG does he? Bright people change their opinions when the facts change.

Maybe the volume, content and tone of his recent posts (82.5% of his last 40 posts on iii are all on PMG, and all are bullish and/or dissing legitimate dissenters) indicates some indirect or direct relationship with PMG, in which case it would be decent for him to make that disclosure. Apologies if that inference is incorrect.

Wikkid- sorry to see you ridiculed for stating the obvious. I can't believe that Callsignzulu can not understand that who sat on the Board of PMG back in 2006/7 is irrelevant to whether the company has any liability, as you say. That's ironic really because it is Lloyds who has already made a provision to pay £100m compensation ( which I bet gets reviewed upwards by several 100% within 6 months) even though Lloyds didn't own HBOS till after the fraud had stopped and none of the HBOS Board remain at the HBOS or Lloyds today. Which just proves the validity of the point you were making Wikkid - it is the legal entity i.e. the company that is at risk.

If the CURRENT management of PMG are as capable as callsignzulu suggests, then no doubt they will be aware of PMG's connection with those responsible for the largest fraud in our country's history and already be undertaking a thorough investigation to assess whether in fact PMG may have any exposure- and issuing an RNS to ensure the market is kept fully informed. Or, of course, they can do nothing, hope for the best and- as the current board weren't around at the relevant time- self evidently remain in ignorance of what, if any, exposure they may have until the FCA, police, victims or media come knocking.
As Quayside and David Mills were at the heart of the fraud it strikes me as inevitable that anyone of the current investigations must necessarily make enquiries of PMG and demand co-operation. It seems optimistic to expect that PMG is not going to be part of the investigations. Whether that results in any financial cost I do not know- but the point made was that there is clearly a risk and the risk could have a major impact to PMG's prospects

As callsignzulu surely understands neither of us are making any observation on the quality of the current business, but highlighting that if even the 'unsinkable' Titanic can be destroyed tragically by a mere iceberg, then having been (even unwittingly) involved in such a massive fraud, and with vicarious liability for David Mills actions,could rather quickly gobble up cash balances of £26.7m ( as at December) just in legal and investigators fees, let alone possible compensation payments and costs of distraction of management .

Pretending there is no risk, or the risk has no material chance of manifesting is self evidently wrong.
Personally I believe shareholders should know and be able to do their own research, ask questions of the management and be entitled to make up their own mind as to whether that impacts their decision to hold, sell or buy shares. Pretending otherwise is not investment but gambling