Parkmead Group (The) Live Discussion

NoQuestionMarks 20 Feb 2020

Dana Mach 2, but stronger I had missed this interview with Energy Voice from November 2019, thought I would post a section for other who might have missed it too. Tom sounds relaxed and confident about the future. The market is still pessimistic, eventually they will have to wake up if our profitability continues to grow. In the meantime I will keep adding if we dip under 35p, support there seems rock solid. “He built up Dana Petroleum into a successful exploration company before it was bought out by South Korea’s national oil firm in a hostile takeover in 2010. The businessman collected more than £34 million from the sale of his share, earning a reputation for being the North Sea’s “man with the Midas touch”. Since then, Mr Cross has been leading London-listed Parkmead, which he described as “Dana Mach 2, but stronger”. He has a chart in his office comparing Parkmead’s growth to that of Dana in its early years. Mr Cross said Parkmead was “tracking nicely” and was “better balanced” than Dana, which sold for £1.7 billion. Parkmead is focused on production from its “backyards” in the UK and Netherlands, whereas Dana operated out of nine countries. Mr Cross also feels Parkmead, whose full-year results show rising revenues and a return to the black, is well placed to thrive as the energy transition gathers pace. For the last three years, Parkmead has only produced gas, which is a cleaner fuel than oil. It is also adding a green feather to its cap. Parkmead recently bought £4.9m worth of Aberdeenshire farmland which had been majority-owned by Mr Cross’ wife. The land is well suited to wind, solar and biomass schemes and Mr Cross revealed Parkmead had been approached by some “very big companies” who are keen to work together on renewables projects. Parkmead does have large North Sea oil projects in its portfolio and is determined to bring them to fruition. With that in mind, Parkmead has brought in its first dedicated North Sea managing director to spearhead those developments. Tim Coxe did have a stint working for Parkmead on the early stages of its Greater Perth Area (GPA) project in the outer Moray Firth a few years ago. He has now returned to Parkmead, from Apache, and will take GPA through to project sanction, which is slated for spring or summer next year. Parkmead hopes to tie GPA back to Cnooc International’s Scott platform and believes the project could deliver 75-130m barrels of oil equivalent. Parkmead is also a partner in Dana’s Platypus project in the southern North Sea, from which first gas is scheduled for 2022. Mr Cross said projects like those would put Parkmead in the line of sight of larger companies capable of making large acquisitions. He said: “I’ve been here before. There comes a point when you come on people’s radars because production is at a level that makes you more recognisable. That’s the nature of where we are. “We have rising revenues, profits and reserves, so any industrialist looking in from the outside will start to realise this is a high quality company. “We’re not worried about that. We’re just driving ahead. If someone comes along and wants to partner with us or buy us, we’ll deal with that”

TheDell 11 Feb 2020

Check it out Well balanced, well funded yes we are. This share at this price in this market climate must have a very low risk factor. Unloved i agree. The darkest hour has been said. That 7.00 am RNS is looming !!

NoQuestionMarks 11 Feb 2020

Check it out Interesting. There are quite a few stories of shale production plateauing. The shale oil boom always did seem a little too good to be true to me, I do have a highly suspicious (and tiny) mind however. The froth of Hurricane oils ‘naturally fractured basement reservoir’ mini boom seems to have hit a brick wall too. I hope I am wrong but fear their investors may be in for a rough ride, their debt pile looks crippling to me (looks like another I prefer, unpopular, out of favour stocks, and PMG are about as unpopular as it gets. I don’t agree with the herd, I rarely do. I see a well balanced, well funded, conservatively managed company. Nothing wrong with that, just look at Tullow Oil… We are sliding back to that 35p support again… If we breach it I’ll be adding to my holding. That’ll be a market cap of <£40m, when we have around £33m in cash. I hope we’ll pay back, in full, the £3.6m loan we took on from Pitreadie, so cash could be under £30m when the results come in. Zero debt is what I like to see!

TheDell 07 Feb 2020

Check it out OILPRICE.com Feb 0, 2020 7.00PM. Peak Shale Will Send Oil Prices Sky High. By Nick Cunningham.Much of the cheap oil has been produced bakruptcies are on the rise in the permian. And banks are refusing to lend. Full and detailed report on Google .OILPRICE.com worth a read

NoQuestionMarks 07 Jan 2020

Platypus I estimate that we are producing around 500 to 600 BOE per day, net to us, from Diever West. (Production roughly 7500 BOE/day gross. 7500/100=750. 750 x 7.5= 562.5) From Platypus, at peak production, I estimate we will be producing around 1000 to 1300 BOE per day. 47 MMscf/day is equal to 8103 BOE (47,000,000/5800) 8103/100=810.3. 810.3 x 15= 1215.45 By my reckoning, Platypus will bring in roughly twice the income we currently receive from Diever West. Do these figures seem feasible? ATB

NoQuestionMarks 17 Dec 2019

Platypus At the moment GPA is worth nothing, as investors we have to be realistic The chance of it being commercialised I would put at no more than 20%. The group is far better balanced now, Gas and Renewables are going to be so important to both the group and the U.K. going forward. If GPA doesn’t come off I expect the floor of 35p per share to hold. If it does, we can value it then, to do so before is just guesswork.

Buster 09 Dec 2019

Platypus What do you think the total value of GPA is To pmg

TheDell 16 Oct 2019

Platypus The haggle:- Who drives the bus?

TheDell 16 Oct 2019

Platypus A bargain top up at those levels. Mine a bit higher , but Ok. The “big haggle” who gets what and what are the percentages to be taken at GPA. Can we get an improved recovery per barrel down from $30 odd to anywhere near the $12.30 Sirius reported last week. Highly unlikely with high sulphur present at GPA $20 - $24 per barrel we would be on a winner!! New technologies are out there. If the divide is broken down to 20% and a free carry that’s a good figure for Parkmead shareholders considering the volumes in place.

NoQuestionMarks 15 Oct 2019

Platypus Glad I added more to my holding whilst we were under 35p. If your gut feeling about GPA is right that would propel us through £1 in short order I would think. What terms do you expect? I’m hoping that we have held onto 15-20% of the licence in return for a free carry through to first oil. The staff have put in a huge amount of work, we deserve it.

TheDell 15 Oct 2019

Platypus Parkmead RNS today reafirms the Field Development Plan draft and Environmental Statement for Platypus have been submitted by Dana Petroleum.

TheDell 11 Oct 2019

Platypus My gut feel is finance for GPA is agreed with a third party or parties. Subject to outcomes which are to be finalised .GL.

TheDell 10 Oct 2019

Platypus Plenty going on in the backroom here. Platypus reports suggest focus towards production on track. GPA still under intense review, no negatives reported. Parkmead the Company has had a comprehensive mauling . Tom Cross and associates a mauling. PI’s and II investors giving it a shredding. Carcass appears to be intact, nobody has said the cash pile has been squandered. Awaiting news. Hold steady the oil and gas prices!!

NoQuestionMarks 09 Oct 2019

Platypus Field development plan application and Environmental impact assessment report have been submitted. First Gas Q4 2021. Detailed design expected Q2 2020. It looks like we are good to go. Buy, Buy, Buy! [link]

NoQuestionMarks 08 Oct 2019

Platypus I’ve read rumours that Dana has submitted a field development plan for Platypus as well as being granted an extension to the licence. Has anyone heard anything definitive? It would fit with my theory that Dana and their sub contractors are busy with Tolmount at the moment. Now we are under 35p again, I am a buyer. Related party transactions are rarely in the interests of investors but this is well overdone in my opinion. Equinor opting out of GBA was a bit of a blow but not a surprise, they have bigger fish to fry. JOG are capable of getting the job done, I hope. Polecat and Marten would tie back there nicely!