Parkmead Share Discussion Threads

[chutes01] 03/4/2023 16:18

not sure it will work like that though
I wonder if BP are back at Buchan with JOG, or Ithaca, well done to them
Some shake over 2 days

[gargoyle2] 03/4/2023 16:11

CNOOC will know that PMG is under pressure and will be able to drive a much harder bargain than they could have a month or two ago imo

[chutes01] 03/4/2023 16:04

JOG chart has recovered, a similar announcement here for CNOOC Scott/GPA would ruffle a few feathers
Beware of a trap ....

[mallorca 9] 03/4/2023 16:00

23 years of PMG and they have still not produced one drop of oil.
This is just a tax shell now and a steady cash income for TC.

[francoismyname] 03/4/2023 15:30

Brutal day here. Feel in part sorry for holders.

Jersey oil and gas up 70% past few days and 20/30% today.

Cross buried all shareholders here.

Cunnt of a trick

Karma hopefully awaits .

[chutes01] 03/4/2023 15:02

I believe he is away on holiday at the moment
see if he puts announcement out when/if he returns ?

[gargoyle2] 03/4/2023 14:59

Going to zero here without a fundraise?

[chutes01] 02/4/2023 23:04

yes I noticed they joined up today ??
You never know on here, may be genuine, maybe not.
Not sure how a Subsea Eng is too aware of other company licences.


what I say is that the cash pile is a mirage, it does not exist as it is basically in a holding acc to pay debts.
GPA looks finished
Skerryvore has potential but they need to raise funds to drill, the result will probably be make or break for them

Cross needs to sort himself and the team out, improve on comms and beef up management
But I don't think he's up to it now.

[gargoyle2] 02/4/2023 22:29

Julesh53, who has 'held shares in PMG for a number of years', but posted for the first time today. The same julesh53 who only became an ADVFN member today. Your post doesn't ring true to me. That's not to say I dont think PMG is a basket case and that Tom Cross is a waste of space, but your post imo is not genuine.

[julesh53] 02/4/2023 18:36

I have had shares in Parkmead for a number of years and also work in the industry in a subsurface discipline for a large E&P so I think I have my finger on the pulse. My view is that the company is in trouble of going under. I think I am correct in writing that the key part of the GPA licences is about to expire, so the company has either lost the licence and said nothing or is talking to NSTA about the licence going. This is standard dialogue between a licence holder and the regulator, but given the licence will expire soon (if I am correct) then the company simply must know more than it is saying. Given that the profits are being taken away in Holland due to tax grabs and the Athena abandonment is going to take most of the cash in the bank, this company must be in serious trouble.

[chutes01] 01/4/2023 21:12

No cash left
£19 mill on books at end Dec goes to de comm and £9 mill to Dutch gov by 5/24.
Only 3 windmills to pay his salary
Nothing else
The other freeloaders are living off fumes now, Henry and dodgy Stroulger are on Borrowed time
A one liner in the report regarding Pitrevie which he seems intent on stealing after using shareholder funds to pay off Bank of Scotland mortgage
There is no other income stream

[chutes01] 01/4/2023 11:56

I think investors are starting to realise the mistakes Tom has been making
De-Comm remains live and will drain the cash balance, it was to be topped up by dutch gas revenues but they are at zero, so no cash left.
At AGM he said update will be issued end Q1 for GPA, I suspect it is dead, he didn't stand a chance.
Overpaid for 3 windmills, $4.5 Mill, just too much but the revenue is enough for his wages.
There may be nothing left for shareholders now, and management are just milking salaries.
At the AGM he looked dis-interested and confused at times and had to be bailed out on several questions, he just didn't know how many producers/WI wells they had to de-comm on Athena
He failed to notify shareholders on failure of dutch drill, however since it makes us no revenue, is it material news ..
Nothing left for shareholders now, it may come down to roll of dice with Skerryvore drill and whether anyone wants to produce it to nearby infrastructure.
Bailing out his ex wifes £8 Mill BoS loan was the last straw for many.
Board are dining out at shareholders expense.

[gargoyle2] 01/4/2023 09:27

Most disappointing thing for me was not the Athena impairment or the Dutch tax charge (both of which we knew about), but the complete lack of update on the GPA farmout process. which was launched to great fanfare in July, with Gneiss Energy engaged to manage a process to find suitable partners. Not a word on how that's progressing or even if it's still going on or has been shut down. I see the results were swiftly followed by the usual farcical finnCap note (target price 167p -- I don't know how finnCap can put their name to that!), which says of GPA: 'nothing new to report on the farm-out process that is ongoing for the GPA project'. There's a hint there that it is still ongoing, but there's nothing in the results themselves to suggest that imo.

I can't see Cross walking -- he's got too much wealth tied up in the company and £50k/month is not to be sniffed at -- but those who still 'trust in Tom' should be reassessing imo.

[chutes01] 31/3/2023 17:21

Expect further RNS' next week, dutch gas f/rate quantified, GPA project news
Cross needs to clarify the cash position, £19 mio, £9 mio due to dutch Gov 5/24, and De-comm liabilities remain.

Last thing they need is a Skerryvore drill being make or break for company.

[chutes01] 31/3/2023 14:36

Don't get me started on Useless Humza
He cannot last with that cabinet, no chance.

[chutes01] 31/3/2023 14:26

Paul ?
I hope your doing ok, samaritans hotline ?
Anything, just talk.
£19 mio in bank, £9m due to dutch gov next year, remainder to de-comm, no dutch gas to provide funds as promised due to dusters/tax
Will there be a placing to pay for the remainder of de-comm, or do they just fold the company now.

[bomfin] 31/3/2023 13:42

Yes. SOTB. Oil still sells for nearly £60/barrel at present. The new taxes make the investment to profit ratio difficult. The risk/reward ratio not nearly as attractive as it was. Where there is illogic is shooting our industry in the foot whilst continuing to import oil. Not only that we lose thousands and thousands of well paid jobs. That is total illogic.

[chutes01] 31/3/2023 13:35

A pound by Christmas…

[sonofthebull] 31/3/2023 12:47

Perth has always been logical whilst there's oil in the ground.There is not many fields left to develop in the North Sea yet the facilities are all in place requiring a tie in here and there.
Put a floor on the EPL and Perth will fly.