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"Oil strides to new highs with forcasters saying it's going to $100 a barrel next year.
Parkmead are in a strong position to capitalise from here on in ."
Shame they're not producing any oil yet, and probably not next year either, unless they buy into a producing asset...
The cambo project west of Shetland looking to get the nod anytime, positive news for those with assets west of Shetland.
https://www.thetimes.co.uk/article/uk-prepares-to-approve-oilfield-despite-cop26-climate-conference-0wlxjm7tv
There's money to be made here. From the March results. We will be creating revenue of well over £15mill per year at current prices. Huge scope to increase this - see below. And this is just the Dutch assets. Platypus also a fantastic gas asset. "Gas will play an important role in our transition to net zero" Tom Cross
"Gross production at the Group's Netherlands assets for the financial year averaged 38.3 million cubic feet per day ('MMscfd'), which equates to approximately 6,608 barrels of oil equivalent per day ('boepd')
•Low-cost onshore gas portfolio in the Netherlands produces from four separate gas fields with an average field operating cost of just US$9.9 per barrel of oil equivalent, generating strong cash flows
•The Brakel field was brought back to full production during the period following the completion of a work programme
•Concept selection planning at the Papekop oil and gas discovery has begun, a proven field with 24.2 million barrels ('MMBbl') of oil-in-place and 39.4 billion cubic feet ('Bcf') of gas-in-place
•Multiple further opportunities exist around Diever West, such as Boergrup and De Bree, both of which contain stacked targets with similar characteristics to Diever West
•Boergrup well permitting and planning is underway
•A new seismic reprocessing project began in Q4 2019, which will help define and high-grade the extensive
prospects around Diever West
•Dynamic reservoir modelling suggests Diever West held initial gas-in-place of approximately 108 Bcf, more
than double the post-drill static volume estimate of 41 Bcf
Futures looking strong : https://www.cmegroup.com/trading/energy/natural-gas/dutch-ttf-natural-gas-usd-mmbtu-icis-heren-front-month.html#
Oil strides to new highs with forcasters saying it's going to $100 a barrel next year.
Parkmead are in a strong position to capitalise from here on in .
It won’t
Turning into a slow burner from Cross this lot
Platypus East, which I guess is what was called Possum, is approx 1.3mmboe, worth approx 3.5p/share unrisked...with current 15% stake. Nice to have but ain't going to light up the SP.
PMG focus on Gas will pay off massively. Possum Gas field - also Parkmeads could significantly increase recoverable figures for Platypus. Macro wise now is the time to announce project sanction.
On another note Serica must be loading up the cash. Would love to get the Skerryvore update that we have been waiting for. What a team - Serica, Cal and Parkmead.
Still think Skerryvore could be used as a bargaining chip with Cal to get a larger share of Platypus. 4600 boepd was just a flow test. Extraction rate could be considerably higher given new tech. wouldn’t be surprised at 10000 + Pumped straight to Cleeton. Nice and easy.
Cross has stated that they are not looking for partners for Platypus.......Is it because they already are in bed with a third party or are going it alone with Cal Energy. We will know soon enough .
Mid estimate 105 billion cubic ft of Recoverable gas. Flowed at 4600 barrel of oil equivalent per day when tested. 20 year life. Also pleNty of scope to increase size of resource. Big project
If we pro rate Dana’s share we will end up with 36%.
I think if we are operator Cal may want us to have more.
Scott,
Not if we have 40/50% of the licence.
Platypus will give 20 years revenue !
Scott - that assumes 15% stake.
I suspect we may end up with a good bit more than that.
Platypus only worth few pence to sp
Parkmead in a great position with our Dutch assets. Time to bring on Platypus too! very exciting
This is why PMG are ‘gas hungry’
Supply squeeze set to continue upward trend in European TTF prices. Currently at 12 year high. Our Dutch assets are not only producing and profitable but there is scope to increase production significantly. Not represented by SP. Perfect time for Platypus update as market for gas is so strong
Serica are a partner in Skerryvore; perhaps they may be interested in "assisting" Tom Cross with more skin in the game.
Two very exciting prospects and both with Warren Buffets Cal Energy as partner. Platypus is better progressed and we know PMG is to be the operator. I can see PMG giving up a big chunk of Skerryvore for more input by Cal financially in the development of Platypus. The language Tom Cross has been using hints at the pair working well together as a gas hungry team. Gas prices high atm and looking strong. Cal have the infrastructure to pipeline Platypus gas which could expedite production significantly. Skerryvore sounds exciting but will take longer to progress and PMG surely want some more cash flow to fund development of other projects. Exciting times are coming. As I understand it both Cal and PMG are committed to going with Platypus together with no other partners. License expires in July so we must surely have news soon of the roadmap for development.
Blocks 30/12c, 13c, 17h and 18c are situated in the prolific Central Graben of North Sea. Four play fairways are developed on this acreage providing six prospects. Significant prospectivity has been mapped at Palaeocene Mey Sandstone and Cretaceous Chalk level, with additional prospectivity recognised within the deeper Jurassic Fulmar play. The Palaeocene Mey and Chalk are proven productive reservoirs in the area by fields and discoveries such as Joanne, Judy, Orion and Flyndre.
The Skerryvore Mey prospect overlies two stacked Chalk prospects (Skerryvore Ekofisk and Skerryvore Tor) which are associated with a Zechstein salt diapir called Skerryvore. The Chalk in these prospects is thought to have been re-worked, which significantly improves permeability over conventional Chalk reservoirs. These three stacked prospects have the potential to contain 157 million barrels of recoverable oil equivalent on a P50 basis. An additional Paleocene Mey prospect (Skerryvore West) and one Chalk prospect (Skerryvore North) are also identified on the blocks. The proposed work programme includes purchasing and reprocessing 3D seismic, carrying out rock physics work and a contingent well.
Appraisal well 48/1a-6 was spudded on April 11, 2012, with the Ensco 80 jack up drilling rig. The well reached a total measured depth of 14,175 feet on June 19, 2012, having successfully drilled a 3,100 foot horizontal section within the reservoir. The well, which recorded a test flow rate of 27 MMscf per day on a 96/64” choke, was successfully suspended for use as a future production well on August 7, 2012.
Currently the Joint Venture are planning on a Final Investment Decision for the development of the Platypus Field,
The intention is to use the appraisal well used in 2012 for the gas production !
That's a lot of saving on time and money.
Yep. If it all comes good like Dana we'll all meet up and get legless on Mr Cross!
I’ve been here 3 years Nicetomichu so clearly my timing is off but that has allowed me to build a good holding and bed and ISA a big chunk. Patience will be rewarded and soon. Tom Cross is always bullish. He doesn’t seem incentivised by short term share price movements but is definitely a deal maker. When they come they will be block busters. Your buy and hold and trade around the margin strategy seems very sensible. I look forward to celebrating with you. Hopefully soon!