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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Portland Gas | LSE:PTG | London | Ordinary Share | GB00B28YMP66 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 90.00 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
06/2/2009 13:33 | holism I have not seen the article in the IC - can you tell us why they have a sell recommendation on PTG?? Like you I see the project eventually happening - the big question is when? It really is time for Mr Davie to justify is inclusion on the Board!!!!!!!! | mina123golf2 | |
06/2/2009 13:18 | Anyone else read the Investors Chronicle Article recommending a sell? The project will happen at a premium to tadays share price, IMHO, so why sell with interest rates where they are? | holism | |
05/2/2009 10:01 | This company is starting to be a major concern!!! It is now in excess of 9months since planning permission was granted by DCC and for all intents and purposes nothing at all has happened.The likelihood of funding seem to become less by the day. As eacn has wisely posted - funding or at least concrete news of it almost certainly has to be in place during Q1 this year to take the project forward. | mina123golf2 | |
05/2/2009 07:19 | South Hook LNG will be up and running in next 2 months approx...this storage facility will give 20% to the UK gas market.. | 499budgie | |
04/2/2009 08:27 | Is there European funding available for this project. If so the company will still require a joint venture partner. Where is the company heading? | holism | |
03/2/2009 09:59 | no. apart from the fact that the cost of capital has been reduced [to the big boys that have access] as interest rates head for 1% whereas the charges/returns for gas storage have probably remained and will continue to remain strong making the investment case more compelling.perhaps someone may be able to comment on gas storage rates? q.i. about other projects | kooba | |
03/2/2009 09:46 | This is the largest and most valuable project that the company will ever have. It is of major significance to the UK economy. It has potentially huge benefits to shareholders. Then why have management dismissed Rothchilds? Why have they broken off negotiations with potential funding companies? Why are they now considering a phased approach to delay all the benefits? There is something amiss here. The company has said: "During the funding process Portland Gas recognised that the prices generally being paid for gas storage assets in the market had declined, and therefore to retain its target of at least a 50% interest in the Portland Project alongside new joint venture partners it would be necessary for it to make a debt and equity contribution to the project. The global "credit crunch" has all but closed off the likelihood of achieving this target for the time being and this factor, combined with cut-backs in longer-term capex spend by industry participants in the sector, has meant that halting the current joint venture funding process is in the best interests of all shareholders." Does the answer to the above lie in the fact that management want to retain 50% interest in the project? Have JV parties, i.e. gas suppliers or producers, wanted to buy the Portland facility outright? If so why have they not made a bid for the company as management clearly do not want to sell their target 50% interest in the project. I would love to see the terms of the Memorandum of Understanding that JV parties had to sign to be able to do due diligence and to enter into discussions with Portland. Could there have been a commitment not to make a takeover bid? If there was any such restriction then it must surely have a time limit. If there was no such restriction then I am truly puzzled. Management say that prices for gas storage have declined. Consequently capital valuations of gas storage projects have declined. This is a fact of life and it doesn't mean that development of the project or outright sale is no longer attractive. Its like someone trying to sell their house now and wanting a January 2008 valuation. The gas producers and suppliers are very cash rich and cash generative so that financing cannot be an inhibiting factor that caused them not to proceed under the Rothchilds management of the funding process. Have I missed something here? | kj kelley | |
29/1/2009 21:46 | kooba, even done deals can take time. I once sold a business with a bigger market cap than PTG to a competitor who had had full access to the data room for over 6 months prior to the deal, but the deal still took a further 9 months to complete. It is always best to be cautious on timetable: the market can throw up unexpected obstacles; the OFT may want to rake over the coals; the buyer may need to raise cash; etc. etc. | eacn | |
29/1/2009 18:12 | eacn agree though deal timetable could well be much quicker than your 6 to 9 months, the project being the principal asset has been well thumbed over by most potentially interested parties already so dd could be achieved relatively quickly i would have thought.come on centrica before johnny foreigner snaps up this unique asset. | kooba | |
29/1/2009 17:44 | Either that, or persuade the govt to get stuck in with £500m. Drop in the ocean compared with what the govt will spend on nuclear over the next 11 years. | chrismez | |
28/1/2009 15:17 | Esmond, being offshore, was always marginal in terms of its economics compared to Portland. But with another potential field biting the dust, Portland, which is known to be feasible and has planning permission is looking even more attractive. Centrica are still showing interest in adding to their portfolio of gas storage interests, which confirms that the lack of gas storage pricing visibility and the lack of a market for hedging this liability is not an obstacle to doing a deal, contrary to PTG's claims. I remain suspicious that Hindle's insistence that PTG retain an interest in Portland is the real obstacle to a deal. If nothing is forthcoming in the next couple of months, it will be time to pile the pressure on the board, because by Q1 2010 they will be out of cash at current spending rates. Since deals take 6 to 9 months to close, that implies they have to have finance or have agreed a sale in principal by the beginning of Q2 2008. If only the board could be persuaded to cease development work and hoard cash that deadline could probably be extended to Q3 2010, which would give a much greater safety margin. | eacn | |
28/1/2009 14:07 | nobody wants to fund storage! Esmond Gas Storage - Update EnCore Oil plc (LSE: EO.) announces that following an extensive evaluation of the results of the recent Esmond well, Star Energy Group plc, a wholly owned subsidiary of Petronas ('Star Energy') and EnCore have concluded that from a technical perspective its use as a gas storage facility would appear to be viable, albeit with a somewhat more complex development and start up phase. Star Energy has, however, indicated that from an economic and strategic perspective it does not meet their current investment criteria, and as such they no longer wish to proceed into the Front End Engineering and Design phase as required in the farm-in agreement with EnCore. Alan Booth, EnCore's Chief Executive Officer, commented: "Whilst we are naturally disappointed with this outcome, we can understand that Star Energy now has a broader strategic remit and potential investment portfolio within Western Europe. We would like to thank them for the extensive work and effort that they have expended on the project over the last two years to help move the project forward and we wish them well. "EnCore is not alone in believing that the UK is woefully short of gas storage capacity, only recently highlighted by the supply disruptions in Eastern Europe. The work carried out to date indicates that the project is technically viable and we will seek to move the project forward, although the constraints caused by the current capital and debt environment make it difficult to assess the likelihood of attracting further investment in the near term." | kooba | |
25/1/2009 13:28 | article in oildrum about gas storage | ddevine | |
20/1/2009 17:21 | Anyone have a copy of the original Seymour Pierce research note? Link above isn't working anymore. | gooseman1979 | |
19/1/2009 18:45 | good article in Times today re Runcorn etc. | holism | |
12/1/2009 18:56 | Kooba, one way or the other this will get the funding and happen. I don't read the article as a negative and think that the current problems with the Russians may well have been just what Portland needed to put the issue back on the political agenda. I don't think it is imminent by any stretch of the imagination but I am happy to hold on and wait this one out. | paul p | |
12/1/2009 09:31 | Plans to increase Britain's gas storage capacity left in tatters by credit crunch | kooba | |
08/1/2009 11:41 | Story in the Sun today about plans to "build gas caves in sea to beat Putin". No direct mention of PTG's projects but publicity (of sorts) nonetheless. | grandwood | |
07/1/2009 11:07 | So this is as good an opportunity as we are likely to get to sell the asset or the co.If only the management will see it that way,and act promptly! | shakyhands | |
06/1/2009 09:41 | Euro Gas Crisis 'Worse By Minute' By Sky News The situation with Russian gas supplies to European changed "dramatically" overnight, an EU presidency official says. Czech Industry Minister Martin Riman said the situation on the Ukrainian-Slovakian border "is getting worse by the minute and we would like to talk about this new situation". Russian energy giant Gazprom has cut gas deliveries via Ukraine after a row over pricing with its neighbour. Ukrainian state gas company Naftogaz said Gazprom cut supplies by two-thirds. "They have reduced deliveries to 92 million cubic metres per 24 hours compared to the promised 221 million cubic metres without explanation," said Naftogaz spokesman Valentin Zemlyansky. "We do not understand how we will deliver gas to Europe. "This means that in a few hours problems with supplies to Europe will begin." A quarter of the European Union's gas crosses Ukraine, which is refusing to pay higher prices demanded by Russia. The EU Commission is to meet senior Ukrainian officials to discuss the gas crisis. On Monday, Gazprom warned it would cut the amount of gas it ships to Europe through Ukraine by 65.3 million cubic metres. It is the amount the company accuses Ukraine of stealing - a charge Kiev denies, saying Russia is to blame for any disruption because it refuses to ship extra gas used to make the delivery. Some European countries are already experiencing gas supply problems. Hungary, Romania and Bulgaria say supplies from pipelines through Ukraine remained down, and supplies to Greece, Macedonia, Turkey and Croatia were halted overnight. But Jonathan Stern, from the Oxford Institute for Energy Studies, said on Monday the dispute between Gazprom and Ukraine is unlikely to create a crisis in the supply of gas to Europe - and the row will not affect consumer gas prices. "There is nothing new in this impasse. There has been a New Year gas supply crisis for the past four years," he wrote for Sky News Online. Click here for more breaking stories from Sky News | ddevine | |
05/1/2009 20:55 | 6 GOLDEN STOCKS...... Well, well, well, shall i say anymore, PTG looking fantastic and with £1 coming very soon.... Is this the year we are positive all the way to the bank......!!! looks like topping up is the way forward.....!!! Remember the golden stocks are for topping up and keeping a strong focus...... My game plan is to hold no more than 6 golden stocks at one time, otherwise it's too difficult to manage and the spread is too great. Oh yes, PTG is one of those stocks. I shall not tell you how many i own as it's not cool or professional to do so. Keep on smiling through 2009......"the world is not flat..." | rocketblast | |
05/1/2009 20:10 | Parvez, I now own north of 600k shares, having bought c. 400k in the run up to Xmas 2008 and 300k just before Xmas 2007, 100k of which I sold when the price spiked following the 2008 planning decision at a tidy profit. | eacn | |
05/1/2009 16:37 | Parvez I think eacn has made it fairly clear that he AND Mr Davie bought circa 1 million which I assume was between them.( I seem to recall Mr Davie had purchased 560000) It is unreasonable for anyone to ask any investor as to their shareholding. I, for one would never disclose this to anyone | mina123golf2 | |
05/1/2009 13:59 | Thanks eacn. Are you saying that you bought 1M ?? if so how many do you hold?? | parvez |
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