Parkmead Share Discussion Threads

[robs12] 08/4/2019 13:38

Indeed tournesol!
Interesting to compare now with back in 2014 when the share price was well north of £2.
The oil price is somewhat lower of course, and they were actually producing some oil then (which they still have, even if not producing currently!).
A couple of capital raises since.
But the rest of the plan is still on track, they have steadily built up the licences and are producing more and more - both gas and potential opportunities above and beyond GPA.

Am quite happy to sit and hold for a couple of years here.

[tournesol] 08/4/2019 13:27

Sorry but the value is no clearer now than it was a year ago.

What has changed is not the company or its strategy or its operational performance. What is different is that the price of oil is proving resilient and the slow and lumbering market - ie herbivorous investors - are just starting to realise they have been failing to see the bleeding obvious.

That is of course an important change, but it's not the co or its circumstances that have changed.

[dubai123] 08/4/2019 13:09

A chart break out but this move is not based on day to day share price it is based on the value becoming clearer . This move is now underway it's just the beginning

[skyship] 08/4/2019 11:04

Of course it was a chart breakout - one of the very best and as a TA believer I played it on that basis. So well pleased...

[mallorca 9] 08/4/2019 09:53

Who was it on here who was waiting for it to drop back to 50p before buying back in - sold at 60p I believe .

[dubai123] 08/4/2019 09:32

This isn't a chart breakout. It's people beginning to understand the facts and seeing how Nader values it is. It's that simple . It's easy to conservatively value this using real metrics.Institutional investors will look at this seriously as the market cap increases

[fardels bear] 08/4/2019 08:50

We calling this a breakout yet?

[skyship] 06/4/2019 09:28

hickersp & any thread newcomers:

Herewith Gersemi's 1st April post on the Simon Thompson Tip Update:

[fhmktg] 06/4/2019 08:25

Final investment decision by Q4, bear.I can hang on that long!

[robs12] 05/4/2019 21:09

Tournesol, likewise post 8219 - a very good concise summary (with feet on ground!).
I'm holding HUR too.. we'll see soon enough!

[fardels bear] 05/4/2019 19:31

We know. We saw that the other day. He reckoned it would be on the back of a Verbier opening a fairway to include Polecat and Marten development. We now know it's likely to be a tie back to Scott platform that will be the catalyst since Verbier didn't live up to its promise.

[hickersp] 05/4/2019 19:29

Simon Thompson from IC recommends this as a strong buy indicating it could well be a triple bagger in the relatively short term .....

[tournesol] 05/4/2019 18:53

Robs12

Thanks for that

[robs12] 05/4/2019 16:39

PMG have 15% of Platypus (Dana are operator), which was discovered in 2010, and appraised in 2012, when it flowed 27MMscfd.

They target first gas in 2021, and estimate flow rates at greater than 50MMscfd, which is slightly more than Diever West (where PMG have 7.5%).

So if/when it comes off, they’ll be getting more than twice as much gas from Platypus as they are now from Diever.

PG estimated 18.6bcf net to PMG at Platypus, the whole field is estimated at 180bcf.

Then Possum is right next door, undrilled. PG estimated 7.1bcf net to PMG there (100bcf in place).

hxxps://www.offshore-technology.com/projects/platypus-gas-field/

[dubai123] 05/4/2019 15:19

Just posting the facts

[robs12] 05/4/2019 14:47

Dubai, PMG have ~160mbbl 2P+2C:

1)Perth and Dolphin (PMG 100%) discoveries, appraised by 17 wells, recoverable and contingent resources of approx. 104 MMBoe. Estimated 498MMBbls total oil in place for all of Perth field.
2)Lowlander (PMG 100%) - (a discovery, appraised by 5 wells, with 21.4 MMBoe 2C)
3)Polecat and Marten (PMG 100%) Polecat discovered 2005, appraised 2010, appraisal well flowed at 4,373 bbls/day. Marten discovered 1984, three oil bearing sandstones. Together estimated 90MMBoe in place, and 33MMBoe 2C, close to Verbier (15% Jersey O&G) as an aside.

So approx. 160MMBoe 2P & 2C in discovered oil fields, 100% owned by PMG (currently!).

High likelihood that the recovery factor used for Perth will increase substantially - ""New GPA reservoir study concluded that stimulating the Claymore formation would result in a considerable increase in well productivity and is likely to increase the project's oil recovery factor".

Plus they'll likely get some additional blocks in the area in the 31st round.

Add in Athena which they say may come back online - (PMG 30%, and Jersey O&G 15%, with Ithaca as operator, with estimated 26MMBBL proven and probable according to Sproule 2012).

So it gets better ;-)

Then take a look at Platypus too - due to be flowing 2021.

But FPM were producing from their fields, whereas PMG are not. Once the door is unlocked to how they get the oil to shore (and it isn't yet, but hopefully someone's found the key now..), then it may be fair to compare the valuations.

[fhmktg] 05/4/2019 14:32

Dubai, does your comparison suggest a take out bid of around £5 for PMG?

[dubai123] 05/4/2019 14:27

This is massively UNDERVALUEDPMG At the current market cap c.£66m · 2p Reserves ie proven 46.3mmboe valued at £0.78p per barrel · Enterprise value(market cap ex cash= c.£36m) /2P reserves = c£36m/46.3mmboe (2P reserves) = 0.77, market average is c10 of listed co.s, Extract from Faroe Petroleum's initial defence to the DNO take over so this is real values DNO's opportunistic Offer substantially undervalues your Company The Offer price of 152p per share represents a premium of just 1% to Faroe's 3-month VWAP and only 21% to Faroe's closing share price on 23 November 2018. This is: equivalent to US$6.8³ per barrel of 2P reserves and US$3.2³ per barrel of 2P reserves + 2C resources, which is substantially below the average price paid recently for comparable North Sea (in particular, Norwegian Continental Shelf) portfolios of US$12.1? per barrel of 2P reserves and US$9.5? per barrel of Total Resources respectively.

[fhmktg] 05/4/2019 13:56

Fresh ISA money on Monday.......

[mallorca 9] 05/4/2019 13:46

Who was it who was waiting to buy back in at 50p ?

[tournesol] 05/4/2019 12:11

New press articles on the PMG website: see



front page of the Press and Journal business section on 30/3 - 3 linked articles all about PMG


=======================

it's worth checking this bit of the PMG website occasionally to see if there is anything new on there

[gersemi] 05/4/2019 12:10

Yes, the bid side loaded up around 35 mins ago and whoosh...news in the system?