"Advises and invests in technology and energy based companies and currently has a 2.5% stake in North Sea oil and gas company Faroe Petroleum.."
http://www.parkmeadgroup.com/parkmeadgroup/

"Mr. Tom Cross has become Executive Chairman. Mr. Cross has been a non-executive director of the Group since October 2006. He will take up office as Executive Chairman on 9 November 2010.
Mr. Cross is founder and Chief Executive Officer of Dana Petroleum plc, which is currently being acquired by the Korea National Oil Corporation in a deal worth approximately $3 billion dollars. He is a Chartered Director and petroleum engineer with extensive energy sector experience, spanning projects in more than 20 countries. In 2005, Tom was elected Chairman of BRINDEX, the Association of British Independent Oil Companies and he continues in that role. He is a Fellow of the Institute of Directors and has served as a Chairman of the Society of Petroleum Engineers and an advisor to BBC Radio on oil and gas affairs."

The Board of Parkmead reports that Mr Brian Wilson and Mr Faysal Hamza are retiring from the Board as Non-Executive Directors with effect from 21 December 2010.

Mr Wilson and Mr Hamza have served Parkmead with distinction, through a period of significant change in the Group, culminating with the successful acquisition and integration of Aupec Limited. They will continue to play a role within the Group in an advisory capacity.

The Board is also pleased to announce the appointment of Mr Philip Dayer and Mr Ian Rawlinson as Non-Executive Directors of the Group with effect from 21 December 2010.

Philip Dayer was a Non-Executive Director of Dana Petroleum plc from 2006 until its recent sale. Mr Dayer has over 20 years of public market and corporate finance experience.
Ian Rawlinson was also until recently a Non-Executive Director of Dana Petroleum plc, serving from 2005 until its sale in 2010.

Parkmead Trebles its Oil Production from Athena Field
Parkmead is delighted to report that it has signed an agreement with EWE VERTRIEB GmbH ("EWE") to acquire a 20 per cent. interest in UK production licence P.1293 (Block 14/18b ALL) which contains the Athena oil field. Completion of the acquisition is subject to the usual partner and regulatory approvals.

Following the acquisition of Lochard Energy Group PLC, completed in July 2013, Parkmead already holds a 10 per cent. interest in the producing Athena oil field. This acquisition will therefore treble Parkmead's stake to 30 per cent.

Production at Athena averaged approximately 9,000 barrels of oil per day in Q2 2013. The field is currently producing at a reduced rate of approximately 7,500 barrels of oil per day, following some pump operational issues. There is a work programme planned for 2014 to increase production back up to normal levels. Parkmead's increased interest in the field will provide the Company with significant growth in production revenues and operating cash flows.

The total consideration for the interest is US$11.2 million, which will be satisfied through $8.0 million in cash and $3.2 million in new Parkmead Shares (the number of shares issued will be calculated based on the closing price of a Parkmead Share on the business day immediately prior to completion).

The acquisition of the additional interest in the Athena field fits perfectly into Parkmead's strategy to become a key E&P player in the North Sea. The Group has been awarded a total of 30 blocks spanning eight licences across the UK, through the 27th Licensing Round, including high potential areas West of Scotland and West of Shetlands. In addition to increasing its stake in Athena, the Group continues to build its presence in the Central and Southern North Sea. Parkmead operates the Greater Perth oil area, and has built extensive acreage with a number of exploration prospects to add to the Platypus gas field and the recent gas discovery at Pharos.

Tom Cross, Executive Chairman of Parkmead, commented,

"This is Parkmead's most important deal to date. Increasing our oil production three-fold from the Athena field will deliver major growth in the Company's revenue and cash flow."

Gone long @269.53

Up again.....sp rocketing...

who twisted my arm? .... prob shortie, in which case thank you (again), though i could only buy quite modestly on friday at the price i was looking for

Ah, you have been converted at last Mr C! Cardboard company indeed??? Humph! ;o)

plenty of cardboard companies progress - at least for a while :-)

Shortie - 09 Jan 2014 17:11 - 13904 of 13923 (From another Thread)
I just post some of my positions and how I see it Cynic.

I know you think Parkmead is a cardboard company but you might want to look again at them. The Athena field should be very profitable because when it acquired Lochard Energy the company acquired tax losses which essentially shelter the Athena 30% interest from the UK North Sea 62% tax rate. Also on the Athena field capex has already essentially been paid for. With these considerations Athena should be very profitable for the company after operating costs... I think Parkmead will turn a profit this year now, rather than be forcasted to make a loss over the next two..

Was this the one that swayed you Cynic?

yes it was ..... i am far too lazy (incompetent) to carry out my own research and analyses, but there are a small handful of posters who seem to me to often talk sense rather than hype

Well as long as you don't blame me if it all goes tits up..

never ever blame anyone except myself ..... responsibility for one's own actions etc

off 16p or 5.5% today, large engulfing candle also...

is this cardboard to cardboard, dust to dust, ashes to ashes?

No, just some profit takers who maybe don't understand oil to increase, forecast to cash positive... With the recent spike (which we bought on) no doubt there are some who will have sold and will buy back at support.

Debating a further position....

FPM drilling (in which PMG have a small stake) so 220p on the cards imo, until news.

Blimey Harry thats a little gloomy, I'm forecasting at the lower end PMG will turnover $60m this year. Athena 30% interest, produces 10,000 boepd at a rate of $85 (discounted). The Dutch assets providing an addition 50 boepd. As Athena is a working field there are no additional capex costs and I'm pretty sure the planned 2014 workover to increase production will not impact PMG either except for shutdown. We know they they acquired tax losses on the Lochard aquisition so their 30% interest in Athena should be sheilded from tax.

I'm making production 3050 boepd x 365 = 1,113,250 bpy
Less Workover shutdown Athena
3000 boepd x 124 (31days times 4months) = 372,000 bpy
This gives me 741,250 barrells produced for the year. At a rate of $85 (discounted, I think $100 is true) per barrell we're looking at turnover of $63,006,250 GBP/USD 1.66 GBP 37,955,572

For a company with a market cap of £179m at a sp of 259p I've got PMG trading at 4.72 times turnover, costs (need to look into further) aside this appears to be undervalued by far.

I can't argue with any of the figures you produced Shortie. I think this is a great little company, run by a guy with a proven record who knows exactly what he's doing. However it is thinly traded most of the time and the sp seems to be sentiment driven quite a lot of the time. I'm not totally convinced by the stock consolidation argument, though he presumably thinks that it will attract the institutional investors....though I think it also deters the retail punter, but this probably won't worry him too much. No divi mentioned at all yet, though investors are probably more interested in capital growth.
Lots of drilling to come and I think they still have a 2.5% stake in FPM, who also have a big drilling program this year after a dire 2013.

Might as well buy FPM in that case....

I'm neutral on Faroe, PMG on the other hand has plenty of assets to be getting on with and an income stream rather than investors to fund them. No divi but then no maiden profit as of yet... I'm not normally one to sit and follow a company but with the aggressive growth and Dana's Mr Cross who's showing he'd still hungry I have high expectations.

StockMarketWire.com
Parkmead, the UK and Netherlands focused independent oil and gas group, has raised about $66.0m via an oversubscribed placing of 15,686,275 new ordinary shares at 255p each.

The shares have been placed with certain institutional and other investors.

The proceeds, when added to the existing resources available to the Company, would be used to finance its on-going capital commitments and to explore certain opportunities, including:

- high-impact drilling to be accelerated at the Skerryvore oil prospect, with an exploration well being planned. Skerryvore is a multiple stacked target involving prospects at different geological levels. Skerryvore is one of the prospects identified from the UKCS 27th Licensing Round;

- Athena oil field workover operations are planned for 2014, which will require partner funding. The Directors anticipate that the workover operations will restore production to previous levels at Athena. Locations are also being discussed for a potential new production well on the Athena oil field to extend the life of the field;

- funding of further M&A activity. The recent acquisition of EWE's 20 per cent. interest in the Athena oil field demonstrates Parkmead's focus on value accretive deals. The Directors believe there are similar opportunities for Parkmead to target, and certainty of funding and balance sheet strength is key to success in negotiations;

- acceleration of Parkmead's exploration drilling schedule. High quality prospects exist within the portfolio, such as Skerryvore, Possum, Blackadder and Davaar. Parkmead's technical team made a number of significant discoveries whilst at Dana Petroleum plc with a high exploration strike rate. The award of 30 blocks spanning eight new licences in the UKCS 27th Licensing Round was an excellent result for the Company; and

- funding of work as Parkmead finalises its preparations for applications for new licences in the UKCS 28th Licensing Round, which opened for applications on 24 January 2014.