Parkmead Share Discussion Threads

[scarboro] 12/1/2023 22:54

As an aside I see that Malaysia is currently exporting 2x their oil output ….rebranding Russian oil

[robs12] 12/1/2023 22:29

Well, my many queries mailed to the company over several years (as a shareholder both then and now) have resulted in...no replies at all. Maybe the questions were too hard to answer.

Skerryvore - the geology may be excellent agreed, tax...yep, agreed. But this has been a project forever - drilling expected 2016 blah blah. Now it's a planned drill with no timeline, and (as of the last financial results) no funds to drill it. You're saying you can't wait for the drilling results...hmmmm neither can I, I'll probably be departed by then!
PMG are not going to be operator on a drill here, even with 50%. It's going to be sold off IMHO - PMG do not have the capability to actually drill a well.
All IMHO of course. GLA!!

The LDS news is still good, irrespective of test results....just can't put a value on it yet.

[scarboro] 12/1/2023 21:54

robs12 - i am just a normal joe trying to work out the +ves and -ves and i do so by contributing here and going to the AGM - its a real shame that you don't attend the AGM and direct your knowledge to the Board - i only repeat what was said at the AGM - specific to Skerryvore fwiw i disagree - i think the geology is excellent and the latest technology has facilitated the analysis and the tax relief given to the larger companies will facilitate the drilling in a timely fashion - the country suffers from
dunkelflaute and the grown ups have realised they need to secure gas supplies - fwiw i think this plays into the hands of those companies that have licences near the infrastructure needed to satisfy the net zero studies on every project - one of the reasons perth is struggling is the net zero study needs to prove how they are going to deal with the gas - the oil has a solution but they need to prove how they can deal with the gas and other projects will be the other way around. hence licenses away from pipeline infrastructure will be problematic and licences close to infrastructure will have the advantage - happy to be corrected just trying to glean information

[robs12] 12/1/2023 21:47

"But apparently Parkmeads back door is being kicked in..."
That's certainly not what I've heard, rather the opposite. But what do I know...

[chutes01] 12/1/2023 19:59

But apparently Parkmeads back door is being kicked in from those wishing the expertise to drill N Sea infrastructure
Waldorf CalEnergy and others
This will be sold off soon

[robs12] 12/1/2023 19:37

"At the AGM TC said they were going to drill the second one and take a breath and review the data with 12 further prospects in the area…the fact that they have hit gas at multiple levels must be a positive and it took only 9 months for them to get their money back from the initial Dutch deal….all good to underpin the future revenue incrementally so that the company becomes month on month cash flow positive which is a step in the right direction…can’t wait for skerryvore results but must all be patient"

@scarboro - what are you on about? PMG have no say in further drills - Vermilion make the decisions here (and are also responsible for the $9/boe operations costs - PMG are not involved or in any way responsible for those) - "due to astute financial and operational discipline." They missed a couple of vital words at the end of that sentance - "..by Vermilion"!!

9 months to get money back from initial deal? If you are referring to the initial deal as the buy out of the royalty, then PMG paid off a royalty that they had hidden for years from shareholders - continually claiming a 15% interest in the fields whilst actually only having a 7.5% financial interest. Yes, it paid off quickly, but the initial deal was many years ago, and they have still not disclosed if there is a royalty payment on the Drenthe VI field (which was acquired at the same time as the others).

They've been cashflow positive for a while (despite TC's £500K+ salary) but all the cash in the bank is now being spent on decommissioning costs rather than development. Oh.

Certainly need to be patient for Skerryvore results - they need a partner first, then a final drilling decision, and then it will be years before they get anywhere near a rig on site. Originally due to be drilled in 2015 (maybe 2016, I forget...), it's (IMHO) not going to happen before the project (or maybe the company) is sold off to someone else. PMG have not drilled a well as operator since they were formed...

[robs12] 12/1/2023 19:01

Thanks Gargoyle2. No figures because they haven't tested yet then.

[gargoyle2] 12/1/2023 18:43

Thanks to Google translate, here is the text of Vermillion's announcement today. No flow rate details given here either -- and PMG wouldn't have been able to give any more detail than that given by the operator. (www.vermilionenergy.nl/over-ons/nieuws-detail.cfm/boring-eerste-lds-put-afgerond-in-wapse-90)

----------------

Vermilion Energy started drilling the first well to the LDS gas fields from the existing Wapse site on Noordenveldweg at the end of last year. Last weekend the work for the first well was completed and we started drilling the second well.

From the end of August to the beginning of October 2022, preparatory work was carried out to prepare the Wapse location for the drilling. In mid-November, the derrick and associated equipment were transported to the site and assembled. After that, the drilling of the first well started at the end of November and we continue to work 24 hours a day, 7 days a week.

Drilling second well started

In the meantime, the drilling of the first well has been completed and it turned out that there is natural gas in the deep underground. Now the second well is being drilled from the same location. This second drilling is expected to be completed at the beginning of February. Then the equipment is collected again and the transport movements are as much as possible during the day. The wells are then connected to the existing facilities.

Test gas and start production

After connecting the wells to the existing gas extraction facilities, we will test the gas. This is done in the existing pipelines, which prevents the need for flaring. We expect to be able to start production in April.

[sonofthebull] 12/1/2023 18:35

If the gas pressures wasn't there then the well would have been plugged and abandoned.
They appear to know where to find these gas columns as it bodes well for the next well and possibly 12 in the future.
Seismic surveys has came on in leaps and bounds over the last few years.
Game changer for many companies.

[robs12] 12/1/2023 18:22

"Drenthe V1 is seven and half per cent."
7.5% interest, but not necessarily 7.5% financial interest - that assumes that there is no undisclosed royalty payment as there was on the other blocks they acquired a stake in at the same time. The royalty payment on the other fields was never disclosed to shareholders...until they 'triumphantly' bought it out last year...

No flow/resource figures (as above PMG being a small minority partner are probably not allowed to say anything more than they have), but they were targeting mid case 37.2 billion cubic feet with the two wells. No indication yet of whether they're above or below that.

[scarboro] 12/1/2023 14:18

At the AGM TC said they were going to drill the second one and take a breath and review the data with 12 further prospects in the area…the fact that they have hit gas at multiple levels must be a positive and it took only 9 months for them to get their money back from the initial Dutch deal….all good to underpin the future revenue incrementally so that the company becomes month on month cash flow positive which is a step in the right direction…can’t wait for skerryvore results but must all be patient

[churchill2] 12/1/2023 13:35

Drenthe V1 is seven and half per cent.

[chutes01] 12/1/2023 13:33

suspect the f/rates will surprise to the upside, all controlled by operator vermilion, Tom can only say so much, onwards

[mallorca 9] 12/1/2023 12:56

After the Royalty buy out the PMG stake is 15%.

Cost per barrel equivalent $9

Hugh inwards cashflow.

Revenue now £20m+ pa

WILL break through 80p quite soon.

[sonofthebull] 12/1/2023 12:41

There's enough gas to pay there way for the future.....Deltic share peaked at under 3p wrong horse TRD25

[therealdeal25] 12/1/2023 11:44

How much Gas? And what percentage ? Lol bet nine of you cane tell me that, bet TC doesn’t even know himself,

[paulrrv] 12/1/2023 10:11

Trd25

You are a balloon 🎈

[paulrrv] 12/1/2023 10:09

Trd25

GAS GAS GAS !!!!!!

[o92mlboa] 12/1/2023 07:17

Haven't heard of pmg anyone heard of cmg cleantech?

[robs12] 12/1/2023 07:16

Good news at last.
Second well already spudded.

[scarboro] 11/1/2023 14:44

The UK energy policy has for years been poorly thought out but the 91p in the £ tax relief against the windfall tax given to reinvestment into the North Sea must be a massive positive once every prospect has jumped through the Net Zero study hoop that they all have to do now?

[fhmktg] 11/1/2023 13:54

Strong support for North Sea from Sunak at PMQs in answer to latest Scot Nat 'leader'
Points out the ongoing need for Fossil fuels whilst transitioning to Net Zero and the lower carbon footprint from NS rather than importing ( Not to mention the tax and activity income)