Parkmead Share Discussion Threads

[fhmktg] 07/5/2020 14:20

Platypus project sanction set for Q2.....Any reason that shouldn't go ahead?The quotes for the flexible transfer system went out in 2019 I believe.First gas 2022, just in time for market pick up?

[fardels bear] 03/5/2020 10:15

Not to me, it doesn't.

[chutes01] 03/5/2020 09:47

projects starting to come to fruition, GPA will come on stream at time of much higher oil prices, wind turbine JV obgoing development, and new gas fields, looking better for shareholder value.

[robs12] 02/5/2020 11:31

Update on the OGA site ref Perth - 1st May.

"The Perth development is located in block 15/21C in the Outer Moray Firth. The initial Core Perth development will comprise up to five production and two water injection wells (phased) tied back via a dedicated manifold. The Concept Select Report has been submitted to the OGA, with discussions continuing. Laterly, we have gone back to re-confirm the status of one of the development concepts. We are not looking for any additional support from the supply chain at this time."

[fhmktg] 01/5/2020 11:00

The new appointments suggest some deal making coming up to develop the property/renewables leg of the business.Any chance of a deal for GPA kicked out into the long grass for the foreseeable future.The gas project might just get away over the coming year, but who would try to predict anything in oil/gas for the next year or so.

[fardels bear] 30/4/2020 09:04

Open offer for INL at forty seven pence ha'penny.Oh dear..

[robs12] 21/4/2020 17:38

Everyone seems to have missed the Platypus update on Friday?

"Project Summary
The Platypus field is located in the Southern North Sea gas basin in Blocks 47/5b and 48/1a, 18 km (11.2 mi) north-northwest of the West Sole gas field and 15 km (9.3 mi) west-southwest of the Babbage field. As a result of the successful appraisal well in August 2012 the field is being progressed towards development subject to an economically acceptable transportation offtake route being secured.

Recent global event project update: The Concept has been approved for a tie-back to Cleeton Platform with onwards export to Dimlington. Tenders for Rig, XTree, Subsea Pipeline & Facilities EPCI, Umbilical Supply and Controls Supply have been received and are being assessed. Platypus Sanction was expected in Q2 2020 which is under review as we are assessing the impact of COVID-19 and the general industry economic situation. A further update will be published once we have a clearer picture of how we intend to move forward."

A snippet on Buchan also from Jersey earlier:

"Concept selection studies are being conducted to identify the optimum solution for development of 20/5a & 21/1a reserves. In parallel technical and commercial evaluation studies have commenced for a collaborative development of the wider Greater Buchan Area including discoveries in neighbouring Licences. Studies are examining the potential for a reduction in development costs and an increase in value for all participants arising from a a new production hub in the area, potentially including electrification in line with the Oil & Gas Authority's ("OGA") Maximising Economic Recovery ("MER") strategy for the UKCS and reducing CO2 emissions. The current phase of work is scheduled to conclude Q2/Q3 2020."

"including discoveries in neighbouring licenses".....so why did PMG relinquish Polecat and Marten..?

[fhmktg] 16/4/2020 14:09

Cluff Natural Resources made positive comments about Blackadder prospect with Parkmead, noting review of 3D seismic data underway.

[roykop] 16/4/2020 09:47

Tournesol,

I agree with quite a lot of what you say, but I wouldn't agree that Dana was all about good luck. Sure, Russia didn't work out as planned, but it was what enabled the company to get off the ground and establish itself, so it served a purpose. Of course, it was hyped along the way. The Indonesia assets were a by-product of another deal and were never core to the company, but again were a stepping stone, and yes, they were no doubt hyped as well.

Ghana was "the big one that got away", in part down to BAD luck - Dana didn't have the funds to drill deepwater on its own, but the optimum time in the cycle to farm out to a larger partner coincided with the oil price dropping to $10/bbl and exploration budgets being slashed. Ghana was perceived to be off the beaten track as far as oil potential was concerned, so few companies were interested. The end of the exploration licence term eventually caught up with the company.

The majority of the value eventually generated for shareholders was in the North Sea. Dana deliberately avoided development assets, as they suck in vast amounts of up-front cash that don't generate a return for several years. What Dana was really about in the North Sea was acquiring producing assets that were being disposed of by larger companies. This usually happened during times of oil price drops, so as long as the assets stacked up technically then it was a reasonable bet that they would generate value when oil prices returned to normal levels. A good strategy for the times, and Dana's management did a pretty good job here, not all luck - undoubtedly nobody could have foreseen oil heading to $100+/bbl, so, yes, the magnitude of the financial returns was partly down to luck. But plenty of other companies jumped on ostensibly the same bandwagon and eventually became croppers. Of course, the biggest piece of luck was KNOC arriving on the scene when they did....

When I refer to Dana's management, what I'm primarily referring to is the team around TC as it expanded in the North Sea. On the whole Dana had a good, experienced group of seasoned oil professionals, so it was not all down to TC, who of course took the glory. TC has nobody similar around him now. Go figure why PMG is struggling (but the hype continues).

[tournesol] 14/4/2020 07:36

PS

If you regard Natuna, Tano, Porcupine or the Russian asset (whose name escapes me) as being evidence of management success, perhaps you could explain why. To any well informed person they all tell the same story - failure.

[scarboro] 13/4/2020 20:43

lucky for 16 years in 3 different geographies

[tournesol] 13/4/2020 20:30

Sadly I now think that Dana was more about good luck and very good technical staff than they were about good management. That's not what I thought at the time. I was wrong.

[scarboro] 13/4/2020 17:22

so Dana was all luck? or due to higher energy prices any fool could have monetised the assets they did?

[chutes01] 13/4/2020 17:20

so in your view - weak buy ?
lol

[tournesol] 13/4/2020 16:40

Oh yes, one more thing,

I'm not your friend.

[tournesol] 13/4/2020 16:39

Renewables|?
PMG has got nothing to do with renewables. It has used the pipe-dream of renewables to justify wasting money on a remote and unproductive farm. It has published no meaningful information to support its assertion that there is any substantive potential whatsoever. It's a combination of a vanity project and a distraction from all of the other projects that have been stuck in a rut going nowhere for years.

Gas production?
PMG owns a small stake in a small peripheral gas producing JV that is operated and controlled by the bigger stakeholders. Realistically the only potential buyers for small scale stuff like that is the other existing JV partners. CNOOC certainly would not be interested in becoming a bit part player in a bit part asset.

Developing large oil reserves?
For many years PMG has done nothing to advance the development of its "large oil reserves", it has neither the capital nor the expertise to do so. Undeveloped "large oil reserves" in the hands of owners who make unrealistic claims are 10 a penny. The complete collapse of the oil price combined with the collapse in demand caused by CV19 combined with the economimc and market collapse we are experiencing, all means that oil reserveS and minnow wannabe E&P's are investments for suckers only.

Incidentally you said oil reserves but you should have said potential oil resources. PMG doe not have any oil reserves. In order for resources to be converted to reserves you need a) to prove them up and b) to put in place plans and funding for development. There are lots of unproven resources going begging. And most of them will never get exploited. They will stay where they are - in the ground.

Massive price spike?
People have been saying that for many years. It hasn't happened. Global meltdown does not provide the circumstances needed for it to be brought to fruition. Oil is old news.

Produce gpa from a floater?
Yeah right. He might have been able to do so when oil was 2-3 times the price and the future looked promising. When it's down at today's price and the future looks bleak, there is no chance whatever. Why don't you look at a company that has been successful in recent FPSO based development - say Hur - and see just how hard it has been for them. PMG is not made of the same stuff . They do not have what it takes to follow that path. They are simply chancers squatting on an asset they big up but never ever develop. As long as they do nothing they can make extravagant claims. As soon as they start detailed development reality will bite and they will have to back up their rhetoric. They can't do that.

I used to work in oil and gas. I've been specialising in E&P investments for 20-30 years and have been following Cross, Dana and PMG for much of that time. It really isn't a good investment opportunity. That is obvious from the most cursory review. Wake up and smell the baloney.

[chutes01] 13/4/2020 14:10

You miss important points

Stuck in a stale sector ? what, renewables, gas production, developing large oil reserves ahead of a massive price spike in the future ..
bargaining tool ? he will produce gpa from a floater, taking away the scott platforms massive nearby potential reserves.
are you for real my friend ? Which part of this are you having difficulty comprehending my friend ?

[tournesol] 13/4/2020 13:12

Cross will extract a heavy price for GPA

and his strategic bargaining weapon is???????

Cross would snap CNOOC's hand off if they offered him a handful of buttons and a hill of beans. PMG is stuck in a sector that has gone stale and its assets have gone way way past stale.

It is more or less a zombie company. Dead but not lying down yet.

[chutes01] 13/4/2020 11:27

The chineese are coming after our business on the cheap - CNOOC
But it won’t be allowed to happen
Cross will extract a heavy price for GPA