Parkmead Share Price (PMG)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Parkmead	LSE:PMG	London	Ordinary Share	GB00BGCYZL73	ORD 1.5P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	-1.60p	-2.24%	69.80p	150,252	12:20:39

Bid Price		Offer Price	High Price	Low Price	Open Price
67.20p		68.80p	71.20p	67.40p	70.20p

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Oil & Gas Producers	7.02	-5.89	-7.22		69.1

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BP (BP.), Shell A (RDSA), Katoro Gold (KAT), Spitfire Oil (SRO)

Parkmead (PMG) Latest News

Parkmead News

Date	Time	Source	Headline
09/4/2019	16:09	UKREG	Parkmead Group (The) PLC Holding(s) in Company
29/3/2019	10:45	ALNC	Parkmead Group Moves Into Profit After Strong Netherlands Production
29/3/2019	07:20	ALNCF	Alliance News Flash Headline
29/3/2019	07:02	UKREG	Parkmead Group (The) PLC Interim Results for six months ended 31 Dec 2018
01/2/2019	07:00	UKREG	Parkmead Group (The) PLC Appointment of Nominated Adviser and Broker
17/12/2018	11:25	UKREG	Parkmead Group (The) PLC Result of AGM
07/12/2018	16:40	UKREG	Parkmead Group (The) PLC Second Price Monitoring Extn
07/12/2018	16:35	UKREG	Parkmead Group (The) PLC Price Monitoring Extension
28/11/2018	15:14	UKREG	Parkmead Group (The) PLC Form 8.3 - Faroe Petroleum plc
16/11/2018	09:44	ALNC	Parkmead Annual Loss Widens But Revenue Jumps On Improved Production

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Parkmead (PMG) Discussions and Chat

Parkmead Forums and Chat

Date	Time	Title	Posts
19/4/2019	08:09	PMG, anyone heard of it??	8,267
16/8/2018	07:26	Independent tips Parkmead Group at 50p	1,808
29/5/2016	18:06	PC MEDICS. A scary bet.	49
11/2/2015	20:41	Parkmead Group - An 'Accelerated Dana Petroleum'?	197
18/11/2011	10:46	* PMG - Tom Cross walks on water ! *	15

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Parkmead (PMG) Most Recent Trades

Trade Time	Trade Price	Trade Size	Trade Value	Trade Type
10:49:45	69.80	4,500	3,141.00	AT
10:45:45	68.80	300	206.40	AT
10:43:50	68.80	2,000	1,376.00	O
10:39:53	67.40	1,423	959.10	AT
10:34:38	68.73	120	82.48	O

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Parkmead (PMG) Top Chat Posts

Date	Subject
24/4/2019 09:20	Parkmead Daily Update: Parkmead is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PMG. The last closing price for Parkmead was 71.40p. Parkmead has a 4 week average price of 56.60p and a 12 week average price of 52.40p. The 1 year high share price is 82p while the 1 year low share price is currently 47p. There are currently 98,929,160 shares in issue and the average daily traded volume is 181,908 shares. The market capitalisation of Parkmead is £69,052,553.68. Read Full Thread Reply
08/4/2019 13:38	robs12: 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. Read Full Thread Follow Reply
05/4/2019 14:27	dubai123: 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. Read Full Thread Follow Reply
01/4/2019 12:44	gersemi: It's freely available through Google search 1 April 2019 Multiple share price catalysts on Parkmead’s horizon I am not one for hyperbole, but the half-year results from Parkmead (PMG:57.5p), a small-cap oil and gas exploration and development company, led by 19 per cent shareholder, Tom Cross, the founder and former chief executive of Dana Petroleum, until its sale to the Korea National Oil Corporation in 2010, blew me away. Parkmead produces gas from a portfolio of four fields across the Netherlands, and holds oil and gas interests spanning 30 exploration and production blocks in the North Sea, several of which could prove transformational for shareholders this year. The company holds a 7.5 per cent stake in the Diever West gasfield in the Netherlands, which came on stream in November 2015, and averaged the equivalent of 5,340 barrels of oil equivalent per day (boepd) in its first six months. It has been exceeding expectations ever since, so much so that output in the latest six-month period surged by 54 per cent to 8,293 bopd. Moreover, dynamic reservoir monitoring suggests that it has 18.6m barrels of oil equivalent of gross gas-in-place, or 108bn cubic feet. That’s more than 2.5 times the original estimate. In addition to Diever West, Parkmead's low-cost onshore gas portfolio includes three other fields in the Netherlands, and the four fields in total have an average operating cost of just $12.3 (£9.50) per barrel of oil equivalent. So, with output surging, half-year gross profit of £3.84m on revenue of £5.3m almost matched that of the whole of the previous financial year, and produced a post-tax profit of £2.2m. Importantly, the company is now cash-flow positive on an operating basis and retains a robust balance sheet, which was buoyed post period-end by a £6.2m inflow following the recent takeover of Faroe Petroleum, a company in which Parkmead was a shareholder. As a result, net cash of £30m equates to more than half of Parkmead’s market capitalisation of £56m, implying that its Dutch gas operating assets and the 30 North Sea Licences are being incredibly lowly rated. That’s anomalous for several reasons, not least of which is that these licences include the Parkmead operated Polecat and Martin oil fields in the UK Central North Sea. These are located eight miles to the west of Blocks 20/5b & 21/1d in the Outer Moray Firth. I know the blocks well because Jersey Oil & Gas (JOG:224p), a UK North Sea-focused upstream oil and gas company and a constituent of my 2019 Bargain Share Portfolio, holds an 18 per cent interest in both licences. Bear this in mind, the result of an appraisal drilling programme on the flagship Verbier discovery in Block 20/5b is due to be announced in a few weeks' time. Initial operator estimates suggest gross recoverable resources associated with the Verbier discovery is between 25m and 130m barrels of oil equivalent (boe) with an estimated mean of 69mboe. The purpose of the appraisal well is to accurately determine the potential volume range in the discovery. The point being that there could be a very positive read across and valuation upside for Parkmead’s Polecat and Martin oil fields, given that they share many similarities with the Verbier discovery. It would obviously be good news for Jersey Oil & Gas shareholders, too. Progress on the commercialisation of multiple licenses Furthermore, Parkmead is making considerable progress on the Platypus gas field in the UK Southern North Sea, in which the company holds a 15 per cent equity stake alongside Dana Petroleum, the operator and 59 per cent stakeholder. Detailed development concept work has found that, by collaborating with other facilities in the area, a minimal platform concept can be adopted, substantially reducing development expenditure. In addition, the field’s gas reserves can now be recovered from two rather than three development wells. The joint-venture partnership holding the licence is working towards optimising the export route for Platypus ahead of an off-take agreement. Likely newsflow on the commercialisation of licences covering the Perth and Dolphin fields in the Moray Firth area, which contains very large oil fields including Piper, Claymore and Tartan, is another potential share price driver. Perth and Dolphin are two substantial Upper Jurassic Claymore sandstone accumulations that have tested 32°-38° API oil at production rates of up to 6,000 barrels of oil per day (bopd) per well. That’s worth noting, because Parkmead is in commercial discussions with the Scott field partnership, led by China National Offshore Oil Corporation, to explore terms of a sub-sea tie-back via the Scott platform located six miles away from Parkmead’s Greater Perth Area (GPA) oil hub. Parkmead is also holding discussions with a number of leading, international oil service companies. The point being that newsflow from either Verbier, the GPA project, further production gains in the Netherlands, or an off-take agreement for Platypus, all have scope to drive Parkmead’s share price significantly higher, and put a more realistic valuation on its 2P reserves of 46m barrels of oil equivalent (boe), and 2C reserves of 100.9m boe. This is not lost on investors, which is why Parkmead’s shares are up 55 per cent since I included them in my 2018 Bargain Shares Portfolio. However, I believe that they could double – or even treble in value – if the company commercialises either the Platypus or GPA project. The downside risk looks limited given cash backs up more than half Parkmead’s market capitalisation, and the profitable Dutch gas operations means that the company actually generates positive cash flow. Strong buy. - Read Full Thread Follow Reply
26/2/2019 18:44	robs12: This a long, old (2013), and very detailed research note about mainly Perth - well worth a read if you want to understand where they have come from, what they have, and that essentially the GPA plan is unchanged. Remember that there have been many changes since 2013 (e.g. Pharos is gone, Athena shut in, fundraising, but very importantly in increasing the GPA acreage) and a huge decrease in the oil price and share price of course... I assume much of the detail came from PMG themselves (don't think you'll find it elsewhere) - and it is still linked to on their website, but they stopped broadcasting the details some time ago. Well worth a read: hxxps://www.parkmeadgroup.com/uploaded/research/Charles_Stanley_Research_21.10.2013.pdf Read Full Thread Follow Reply
26/11/2018 21:10	mallorca 9: Simon Thompson Comments There were several positives to note in the annual results from Parkmead (PMG:52.8p), a small-cap oil and gas exploration and development company led by 19 per cent shareholder Tom Cross, the founder and former chief executive of Dana Petroleum until its sale to the Korea National Oil Corporation in 2010. Firstly, the company generated £2.2m of positive operating cash flow from its low-cost onshore gas portfolio in the Netherlands, and the Diever West gas field in particular, which came on stream three years ago and has been exceeding expectations ever since. These have an average operating cost of only US$15.6 (£12.1) per barrel of oil equivalent. Closing net cash of £23.8m was £800,000 ahead of analyst predictions and with the benefit of the fall in sterling since the end of the financial year, the pro-forma cash pile is now worth around £24.2m. Parkmead also owns a shareholding currently worth £6m in oil and gas producer Faroe Petroleum (FPM:155p), a company that received a cash offer from Norwegian oil and gas operator DNO ASA, and one that clearly highlights the potential for corporate activity in the sector. Parkmead has a £2.9m interest bearing loan receivable on its balance sheet, too. In effect, these three assets back up £33m of Parkmead’s £52m market capitalisation, meaning that the company’s exploration activities across 30 licences in the North Sea, any one of which has potential to create substantial investment upside for shareholders, are in the price for just £19m. The most valuable are three licences in the Moray Firth that contain the Perth and Dolphin fields. Bearing this in mind, I can reveal that a detailed engineering study carried out by Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation (CNOOC), has confirmed the technical feasibility of a potential subsea tie-back of Parkmead’s Greater Perth Area (GPA) project to the Nexen-operated Scott platform and associated facilities in the UK Central North Sea. Parkmead has now entered into commercial discussions with the Scott field partners to explore terms for a tie-back of GPA to Scott. A tie-back has the potential to transform the GPA project both commercially and economically, by dramatically reducing the capital expenditure required to bring the GPA project onstream and by lowering the operating costs thereafter. To put the potential valuation upside into perspective, analyst Colin Smith at house broker Panmure Gordon places a risked valuation of £50m, or 50.5p a share, on Parkmead’s undeveloped oil resources, or £372m on an unrisked basis. It goes without saying that if the commercialisation of the GPA project via Scott makes substantial progress then there is likely to be significant upside to Parkmead’s share price. For good measure, with the benefit of its low-cost onshore gas portfolio, Mr Smith at Panmure expects Parkmead to turn in a pre-tax profit of £1.2m in the current financial year to the end of June 2019, thus de-risking the investment case even further and providing additional operational cash flow to direct towards exploration activities. So, having included Parkmead’s shares, at 37p, in my 2018 Bargain Shares Portfolio, and last rated them a buy at 50.5p ahead of news on the commercialisation of the GPA project (‘Bargain Shares repeating buying opportunities’, 29 Oct 2018), priced on a 36 per cent discount to Panmure Gordon’s total risked net asset value (NAV) estimate of 85p a share I continue to see significant share price upside. Buy. Read Full Thread Follow Reply
26/11/2018 17:14	mallorca 9: FAROE PETROLEUM PLC ("FAROE") By DNO ASA ("DNO") Summary -- The Board of Directors of DNO ASA is pleased to announce the terms of an offer to be made by DNO for the whole of the issued and to be issued share capital of Faroe Petroleum plc (other than the 105,247,866 Faroe Shares already held by DNO, representing 28.22 percent of Faroe's issued share capital). -- The Offer will be 152 pence in cash for each Faroe Share, valuing Faroe's existing issued and to be issued share capital at approximately GBP607.9 million. -- Of the Offer value of approximately GBP443.8 million on a fully diluted basis, GBP402.6 million is attributable to the current issued share capital of Faroe (other than those Faroe Shares already held by DNO and the Faroe Employment Benefit Trust) and the balance GBP41.2 million is attributable to DNO's understanding of the number of outstanding share options and awards granted by Faroe to its directors, management and employees, representing approximately 7 percent dilution of Faroe's current issued share capital. -- The Offer Price represents a premium of 44.8 percent to Faroe's share price of 105 pence at the close of business on 3 April 2018, the last business day before DNO announced its first acquisition of shares in Faroe, and a premium of 20.8 percent to Faroe's share price of 125.8 pence at the close of business on 23 November 2018, the last business day before this announcement. -- Commenting on the Offer, Bijan Mossavar-Rahmani, Executive Chairman of DNO, said: "We are pleased now to engage directly with the Faroe shareholders with a proposed all-cash voluntary offer of 152 pence per share which represents a premium of 44.8 percent to the closing price of 105 pence on the day before DNO announced its first acquisition of Faroe shares last April, and a premium of 20.8 percent to the closing price of 125.8 pence last Friday. In the period between our first acquisition, triggering significant bid speculation, and this offer, the price of Brent crude has dropped 13 percent and oil and equity markets have entered a period of great uncertainty. For those shareholders who wish to exit, DNO is therefore offering a considerable premium. For those who wish to remain, there is no assurance of Faroe achieving its full value potential in a volatile commodity and financial markets environment as a relatively small scale, financially constrained UK-AIM listed company whose share price performance has remained stubbornly disappointing, with the very notable exception of short-term spikes following the sale of a particular large block of shares by one investor to another (most recently to DNO) and the attendant speculation about an impending takeover premium with each such transaction. We firmly believe that Faroe's assets, the substantial part of which are Norwegian, are better placed in the bosom of DNO, Norway's oldest independent oil and gas company, currently operating gross production of 125,000 barrels per day which compares with the 7,500 barrels of oil equivalent a day of gross production operated by Faroe. DNO's proven and probable reserves were nearly four times those of Faroe's as reported at 31 December 2017. Whether the offer achieves DNO's minimum acquisition target or the acquisition of all of Faroe's shares, we attach great importance to retaining the skills, knowledge and expertise of Faroe's operational management and employees. We intend to retain Faroe's Aberdeen head office and each of the other offices." This summary should be read in conjunction with, and is subject to, the full text of the attached announcement (including its Appendices). The Offer will be subject to the Conditions and certain further terms set out in Appendix 1 and to the full terms and conditions to be set out in the Offer Document. Appendix 2 contains the sources and bases of certain information contained in this summary and the following announcement. Appendix 3 contains the definitions of certain terms used in this summary and the following announcement. DNO ASA FAROE PETROLEUM PLC BY DNO ASA 1. Introduction The Board of Directors of DNO ASA is pleased to announce the terms of an offer to be made by DNO for the whole of the issued and to be issued share capital of Faroe Petroleum plc (other than the 105,247,866 Faroe Shares already held by DNO, representing 28.22 percent of Faroe's current issued share capital). 2. The Offer The Offer, which will be subject to the Conditions and further terms set out in Appendix 1 to this announcement and to be set out in the Offer Document, will be made on the following basis: for each Faroe share 152 pence in cash The Offer values Faroe's existing issued and to be issued share capital at approximately GBP607.9 million. Of the Offer value of approximately GBP443.8 million on a fully diluted basis, GBP402.6 million is attributable to the current issued share capital of Faroe (other than those Faroe Shares already held by DNO and the Faroe Employment Benefit Trust) and the balance GBP41.2 million is attributable to DNO's understanding of the number of outstanding share options and awards granted by Faroe to its directors, management and employees, representing approximately 7 percent dilution of Faroe's current issued share capital. The Offer Price represents a premium of 44.8 percent to Faroe's share price of 105 pence at the close of business on 3 April 2018, the last business day before DNO announced its first acquisition of shares in Faroe, and a premium of 20.8 percent to Faroe's share price of 125.8 pence at the close of business on 23 November 2018, the last business day before this announcement. If, after the date of this announcement, any dividend and/or other distribution and/or other return of capital is declared, made or paid or becomes payable in respect of the Faroe Shares, DNO reserves the right to reduce the consideration payable under the terms of the Offer at such date by an amount equal to such dividend and/or distribution and/or return of capital. 3. Background to and reasons for the Offer DNO is Norway's oldest oil and gas exploration and production company with a strong Norwegian heritage and shareholder base. For the past ten years, DNO has successfully focussed on growing its international presence, anchored by the DNO-operated flagship Tawke and Peshkabir oilfields in the Kurdistan region of Iraq. DNO now ranks among the leading European listed independent oil and gas companies in reserves and production, with year end 2017 proven and probable (2P) reserves of 384.1 million barrels of oil equivalent (MMboe) on a company working interest (CWI) basis, plus 98.9 MMboe of CWI contingent (2C) resources. DNO's total operated production currently stands at around 125,000 barrels per day (gross). DNO is in the early phases of re-establishing its North Sea presence. After the acquisition of Origo Exploration Holding AS in 2017, DNO has rapidly built up its portfolio through new licence rounds and farm-ins (currently holding participating interests in 21 licences offshore Norway) and has commenced an ambitious exploration drilling campaign on its portfolio, targeting five wells per year. DNO's organic growth ambitions in Norway are complemented by its shareholding in Faroe. DNO acquired 28.7 percent of the shares in Faroe in April 2018. At the time, DNO expressed support for Faroe's management's North Sea strategy, as it has supported other upstream companies in which it has held or continues to hold strategic investments, including RAK Petroleum plc, Rocksource ASA, Det norske oljeselskap ASA and Panoro ASA, among others. These investments, when sizeable, have included board representation, as is common, even often expected, in the industry. DNO, by far the largest shareholder in Faroe, was deeply disappointed when its reasonable request last summer for board representation and constructive engagement with Faroe was summarily rebuffed. Moreover, there was a dilution of DNO's shareholding to 28.2 percent through the vesting of share awards in favour of Faroe directors and others. Based on DNO's assessment of publicly disclosed information, share awards and options representing an additional 7 percent or so dilution appear yet to be vested or exercised, which will further significantly dilute existing shareholders' interests in favour of Faroe directors and others. DNO has both publicly and privately raised its concerns about the corporate governance culture and shareholder value strategies at Faroe, but to no apparent avail in terms of substantive and timely actions. Against this backdrop, DNO has now decided proactively to address these concerns and protect its sizeable investment in Faroe by offering to acquire all the outstanding shares in Faroe that DNO does not already own. Read Full Thread Follow Reply
26/11/2018 16:49	mallorca 9: Have you all seen the offer that has been made for Faroe today ? PMG hols a significant amount of Faroe shares. 26 November 2018 Faroe Petroleum plc (the "Company" or "Faroe") Response to Unsolicited Offer by DNO ASA ("DNO") Further to its earlier announcement, the Board of Faroe (the "Board", "we") have now met together with its advisers and considered the announcement released earlier today by DNO of an unsolicited offer for the entire issued and to be issued share capital of Faroe not already owned by DNO at 152p per share (the "Offer"). The Board strongly believes that the Offer is opportunistic and substantially undervalues Faroe and encourages all shareholders to take no action. 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: -- substantially below the average premium on all UK takeovers over the last 10 years of 43%(1); -- substantially below the average premium on all UK takeovers in the E&P space over the last 10 years of 40%(2); and -- equivalent to US$6.8(3) per barrel of 2P reserves and US$3.2(3) 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. DNO's Offer does not value Faroe's exciting prospects as an independent business The Offer also fails to recognise the exciting prospects that Faroe has as an independent business. Faroe has a proven track record of successful exploration, sustainably delivering reserves and resource growth year-on-year, and effective portfolio management. Since the date of DNO's first acquisition of the Company's shares on 4 April 2018, Faroe has made significant progress in its stated exploration and appraisal programme and general corporate development: -- following significant exploration successes at Iris/Hades and Agar this year, our exploration programme continues with a near term five-well exploration and appraisal campaign already underway with the potential to deliver significant resources in the next 12 months, and many more wells expected thereafter; -- we continue our transformational production growth programme with a fully-funded near to medium term production growth target of 35,000boepd, and potential for considerable additional organic production growth thereafter; and -- our plans are underpinned by our strong balance sheet together with the recent successful increase and extension of our Reserve Based Lending bank credit facility, which remains undrawn. We strongly believe that DNO's Offer fails to reflect these attributes and hence the fair value that you deserve for your investment in Faroe. Our growth plans are aimed at serving the interests of Faroe's shareholders as a whole, in keeping with our strong corporate governance culture which also, as expressed in our announcement dated 16 August 2018, led us to conclude that Board representation by DNO would not serve the interests of Faroe's shareholders. The Board believed then, and continues to believe, that control of the Company should not be ceded without an appropriate premium being paid. DNO's Offer does not provide you with an appropriate premium for solving DNO's strategic challenges Faroe would provide DNO with a high quality, full cycle and diversified North Sea asset base that stands in stark contrast to DNO's existing business. As such, Faroe would solve DNO's strategic challenges and shareholders should receive an appropriate premium which is not currently reflected in DNO's Offer. John Bentley, Non-Executive Chairman of Faroe, commented: "DNO's offer substantially undervalues Faroe on every applicable metric. The Board is determined to defend our shareholders' rights to receive an appropriate premium for a fully funded business which is actively progressing the delivery of its highly attractive growth prospects and is the only platform available which solves DNO's strategic challenges. We believe that Faroe is worth substantially more than 152p per share and we urge shareholders to reject DNO's opportunistic, unsolicited and inadequate offer." The Board of Faroe will write to shareholders with its detailed views on the offer in due course. In the meantime, Faroe shareholders are strongly urged to take no action in relation to their Faroe shares. Rule 2.9 information In accordance with Rule 2.9 of the City Code on Takeovers and Mergers, the Company confirms that, as at the date of this announcement, it has 372,889,693 ordinary shares of 10 pence each in issue and admitted to trading on the AIM market of the London Stock Exchange. The International Securities Identification Number for Faroe's ordinary shares is GB0033032904. - Ends - Read Full Thread Follow Reply
17/4/2018 22:00	mirabeau: From LSE: Simon Thompson from 2 weeks ago: 1) - Investors are starting to warm to the investment case for Parkmead Group (PMG:41p), a small-cap oil and gas exploration and development company led by 19 per cent shareholder Tom Cross, the founder and former chief executive of Dana Petroleum. The share price has risen by 10 per cent since I included the shares in my 2018 Bargain Shares Portfolio, and recent developments only reinforce my positive stance. For starters, the company£s market capitalisation of £40.5m is still 38 per cent below IFRS net asset value (NAV) of £65.2m, even though Parkmead holds £24.4m in cash and has oil and gas interests spanning 26 exploration and production blocks in the North Sea. It also owns a £4.7m stake in Faroe Petroleum (FPM:121.5p), another oil explorer I am keen on. Indeed, Faroe£s share price gushed up 15 per cent after I published my article a fortnight ago (£Profit from corporate activity£, 26 Mar 2018) on news of stakebuilding by DNO ASA, the Norwegian oil and gas operator, and significant discoveries in both the Hades and Iris prospects in licence PL 644 B, located in the Norwegian Sea and in which Faroe has a 20 per cent equity interest. There could be more exploration upside as drilling on the Rungne (Faroe-operated), Cassidy and Pabow wells are all planned for later this year, offering catalysts to narrow Faroe£s share price gap to analysts£ risked NAV forecasts of 141p. Interestingly, DNO holds interests in 19 exploration licences offshore Norway and the UK, and is pursuing strategic investments and partnerships with established North Sea players. Last week, DNO snapped up a 27.3 per cent stake in Faroe at 125p a share, attracted by a combination of Faroe£s daily production, which averaged 14,300 barrels of oil equivalent (boe) last year, and the value of its stated 2P reserves of 97.7m boe and 2C resources of 78.6m boe. DNO£s interest in Faroe is clearly good news for the value of Parkmead£s shareholding in more ways than one. That£s because Parkmead has established a key position in the UK Central North Sea following a series of licensing round successes and strategic acquisitions. The company has interests in eight licences there, of which Faroe is invested in seven of them, including some in the Perth and Dolphin fields in the Moray Firth area, which contains very large oil fields including Piper, Claymore and Tartan. Perth and Dolphin are two substantial Upper Jurassic Claymore sandstone accumulations that have tested 32£-38£ API oil at production rates of up to 6,000 barrels of oil per day (bopd) per well. Perth and Dolphin fields Bearing this in mind, Parkmead has increased its interests in licences P218, P588 and P2154 in the Moray Firth, which contain the Perth and Dolphin fields, from 60.5 per cent to 100 per cent to boost its 2P reserves by 17.9m barrels of oil. The company also signed an agreement with Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation, to begin a detailed engineering study for the potential commercialisation of Perth and Dolphin by way of a sub-sea development tie-back via Nexen£s Scott platform that£s located 10km away. Interestingly, initial work indicates that the required modifications to Scott could be relatively limited, thus offering potential to significantly reduce capital expenditure to bring the project on stream as well as lowering operating costs. True, Parkmead£s Greater Perth Area (GPA) fields have high levels of sulphur, but so does the Buzzard field in the Outer Moray Firth where Nexen is operator and has a 42 per cent interest, so the company has experience of dealing with this issue. Moreover, Parkmead has also commissioned a new reservoir study that could potentially lead to a substantial increase in the recovery factor of oil volumes at the Perth field, which currently stand at 197m barrels of oil for core Perth and 498m barrels including the northern areas of the field. It goes without saying that the Perth and Dolphin fields are a valuable asset, representing around 60 per cent of Panmure Gordon£s valuation of all the fields in Parkmead£s portfolio. My take on the aforementioned developments is that they clearly improve the chance of the GPA fields being commercialised, a factor that£s not being reflected in Parkmead£s share price, which is half of Panmure Gordon£s risked NAV estimate of 85p a share. I would also highlight some positive news from the Diever West gas field in the Netherlands in which Parkmead holds a 7.5 per cent interest. The field came on stream in November 2015 and averaged 5,340 barrels of oil equivalent per day (boepd) in the first six months, and has been exceeding expectations since then. In fact, in February this year the field averaged 7,833 boepd and new dynamic monitoring suggests it has around 18.6m barrels of oil equivalent of gross gas-in-place, or 108bn cubic feet. That£s more than double the original estimate. In addition, Parkmead's low-cost onshore gas portfolio includes three other fields in the Netherlands that have an average operating cost of just $10 (£7.1) per barrel of oil equivalent. The profitable gas production from Diever West, and Parkmead's wider portfolio of gas fields in the Netherlands, provide important cash flow to reduce cash burn while the company makes progress with its licences in the North Sea, any one of which has potential to create substantial investment upside for shareholders. Buy. end Read Full Thread Follow Reply
08/2/2018 20:11	mrnumpty: Share price : As someone who did well from Tom Cross' days at Dana , I have continued to follow him . If I recall correctly , Parkmead was no more than a shell company before Tom Cross arrived in order to turn it into an oil and gas company . A quick glance at the admittedly unsophisticated 10-year share price graph on the Hargreaves Lansdown site shows that the price was 23.25p on 8/10/2010 ( approximately when Parkmead was a shell ) and that , after the announcement that Tom Cross et al had arrived , the price rocketed to £ 4.83.75 less than three months later , on 29/12/2010 . Obviously the price then entered its long , miserable decline to around 30-35p , before slightly improving to around 40p now . Thus , in the course of more than seven years , the price has only gone up from 23.25p to around 40p , and yet in the course of this time Tom Cross has transformed Parkmead from a shell into a solid oil and gas company from which real growth can be achieved . Obviously conditions are now different , with oil still only at about $ 60 , and fracking companies are much more of a concern . Nonetheless , I personally consider this a good time to buy , firstly because the share price graph shows that , whereas mad euphoria caused a meteoric ascent of the price in autumn 2010 ( even though this was based on not much more than Tom Cross' reputation ) , now , with Parkmead being a solid company , the share price is virtually on the floor . Secondly , though I am by no means a chartist , it is obvious that the share price is gradually waking from its slumbers and moving to the top-right . I made a small first purchase a couple of days ago and expect to acquire some more imminently . All the best , and do your own research . Read Full Thread Follow Reply
01/9/2017 07:32	ghhghh: CLNR has stated they must raise cash by YE and likely to be equity raise. Hence they look in a very weak position. Agreed might make them a distressed takeover target but I wouldn't buy the equity now. Would rather try to get in on the equity raise which is more likely. My broker says he's been told that current fall in PMG share price linked to concern over the Athena abandonment liability? Evidently been some mention of this on Twitter? This was my principle concern and PMG have been pretty cagey about exactly what has happened? They have written off most of Athena's valuation but still maintain significant value? I assume they still view Athena as having value if incorporated into Perth hub, assuming higher oil price of course. Maybe partners just want to write off now but this means crystallising abandonment liability? Read Full Thread Follow Reply

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