TIDMPMG
RNS Number : 4903N
Parkmead Group (The) PLC
09 August 2017
09 August 2017
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Parkmead completes important UK gas area acquisition
Parkmead, the UK and Netherlands focused independent oil and gas
group, is delighted to announce that it has completed the
previously announced acquisition of a 50% interest in the UK North
Sea Licence P.2209. from Verus Petroleum (SNS) Limited, which
contains the Farne Extension prospect and a further four
prospective leads.
Licence P.2209 comprises two adjacent blocks, Block 42/19 and
Block 42/20b. Parkmead originally held a 50% interest in the
licence and therefore this acquisition doubles Parkmead's equity to
100%. The collection of prospects and leads within the licence,
which is operated by Parkmead, have the potential to contain 175
billion cubic feet of gas initially in place on a most likely, P50
basis.
Blocks 42/19 and 42/20b are situated in the Southern Gas Basin
of the UK North Sea, directly to the south east of the Breagh gas
field. The primary play fairway developed on this acreage includes
the Carboniferous sands, which form the productive reservoirs in
the nearby gas fields at Breagh, Kilmar and Cavendish. The most
prominent prospect on the block is the Farne Extension, which is a
north westerly extension of the Farne prospect mapped in the
adjacent block to the east. To date, four additional leads have
been indentified at Carboniferous level within the blocks, all of
which, like the Farne Extension, are structural closures mapped at
Base Permian level.
Tom Cross, Executive Chairman, commented:
"We are delighted to double our stake in this attractive area,
which expands Parkmead's portfolio in the Southern Gas Basin.
Parkmead has a 100% track record of drilling success in the UK
Southern Gas Basin to date, with successful wells drilled at
Platypus and Pharos.
Our technical and commercial teams at Parkmead are working hard
to evaluate and execute further value-adding opportunities in our
core areas of the UK and Netherlands."
Enquiries:
The Parkmead Group plc
Tom Cross (Executive Chairman) +44 (0) 1224 622200
Ryan Stroulger (Chief Financial
Officer) +44 (0) 1224 622200
Panmure Gordon (UK) Limited
(Financial Adviser, NOMAD
and Corporate Broker to Parkmead)
Adam James +44 (0) 20 7886 2500
Karri Vuori +44 (0) 20 7886 2500
James Greenwood +44 (0) 20 7886 2500
Instinctif Partners Limited
(PR Adviser to Parkmead)
David Simonson +44 (0) 20 7457 2020
George Yeomans +44 (0) 20 7457 2020
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Notes to Editors:
1. Dr Colin Percival, Parkmead's Technical Director, who holds a
First Class Honours Degree in Geology and a PhD in Sedimentology
and has over 35 years of experience in the oil and gas industry,
has reviewed and approved the technical information contained in
this announcement. Parkmead's evaluation of reserves and resources
was prepared in accordance with the 2007 Petroleum Resources
Management System prepared by the Oil and Gas Reserves Committee of
the Society of Petroleum Engineers and reviewed and jointly
sponsored by the World Petroleum Council, the American Association
of Petroleum Geologists and the Society of Petroleum Evaluation
Engineers.
2. Parkmead is an independent upstream oil and gas company that
is admitted to trading on AIM on the London Stock Exchange (symbol:
PMG). Parkmead is focused on growth in the oil and gas exploration
and production sector, targeting transactions at both asset and
corporate level.
3. In November 2011, Parkmead completed the acquisition of
stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus
gas field and the Possum gas prospect. Mapping indicates the
potential for Platypus and Possum to contain up to 180 and 100
billion cubic feet of gas in place, respectively.
4. In December 2011, Parkmead agreed to acquire stakes in blocks
47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which
contained the Pharos gas prospect. These two gas-basin acquisitions
were important steps in the first stage of Parkmead's development
as a new independent energy company.
5. In March 2012, Parkmead agreed to acquire a portfolio of
Netherlands onshore assets comprising four producing gas fields and
two oil fields from Dyas B.V. This acquisition provided the Group
with its first producing fields and with future oil developments at
Ottoland and Papekop. This acquisition completed in August
2012.
6. In May 2012, Parkmead launched its recommended acquisition of
DEO Petroleum plc. As a result, Parkmead now owns 52% and is
operator of the UKCS Perth oil field
7. In October 2012, Parkmead was awarded several new licences
under the UKCS 27(th) Licensing Round. The six new licences
comprise interests in a total of 25 offshore blocks or partial
blocks across the Central North Sea, West of Scotland and West of
Shetland.
8. In July 2013, Parkmead completed its recommended offer for
Lochard Energy Group plc. This gave Parkmead a 10% interest in the
producing Athena oil field.
9. In December 2013, in the second tranche of the UKCS 27(th)
Licensing Round, Parkmead was awarded a further five UK blocks
through two new licences in the UK Southern North Sea. That made a
total award to Parkmead of 30 UK blocks across eight licences in
the UKCS 27(th) Licensing Round.
10. In January 2014, Parkmead completed a successful
oversubscribed placing raising US$66.0 million which provided the
Company with increased financial firepower and balance sheet
strength.
11. In April 2014, Parkmead completed the acquisition of a 20
per cent. interest in the Athena oil field from EWE VERTRIEB GmbH,
trebling Parkmead's interest in the Athena oil field to 30 per
cent.
12. In September 2014, Parkmead discovered a new gas field
onshore the Netherlands at Diever West.
13. In November 2014, Parkmead was awarded six new licences in
the UKCS 28(th) Licensing Round, all as operator. The six new
licences comprise interests in a total of nine offshore blocks
located in the Central and Southern North Sea.
14. In May 2015, Parkmead completed a successful placing raising
US$21.1 million to accelerate opportunities.
15. In July 2015, Parkmead was awarded three new licences in the
UKCS 28(th) Licensing Round. The three new licences comprise
interests in three offshore blocks located in the Southern North
Sea and West of Shetland vicinity.
16. In November 2015, Parkmead achieved first commercial gas
production from the Diever West gas field in the Netherlands.
Parkmead worked closely with its joint-venture partners on the
fast-track development of Diever West, and the partnership
successfully brought the field onstream within just 14 months of
discovery.
17. In August 2016, Parkmead doubled its stake in the Polecat
and Marten oil fields in the UK Central North Sea. The Polecat and
Marten fields are located in Blocks 20/3c & 20/4a within
Licence P.2218 and Parkmead now operates the licence with 100%
equity.
18. In September 2016, Parkmead increased its stake in the Perth
and Dolphin oil fields in the UK Central North Sea to 60.05 per
cent. The Perth and Dolphin fields, which are both operated by
Parkmead, are at the core of Parkmead's major Greater Perth Area
oil hub project.
19. In April 2017, Parkmead significantly increased its stake in
the major Sanda North and Sanda South prospects in the West of
Shetland area of the UK North Sea. Through this accretive step,
Parkmead increased its equity in the licence from 56% to 100%.
20. In May 2017, Parkmead announced that it had signed a Sale
and Purchase Agreement with Verus Petroleum (SNS) Limited to
acquire a 50% interest in UK North Sea Licence P.2209 which
contains the Farne Extension prospect and a further four
prospective leads.
21. Through its wholly owned subsidiary, Aupec Limited, The
Parkmead Group provides petroleum benchmarking and economics
expertise to a wide range of government bodies and international
oil and gas companies. Aupec has to date worked with over 100
governments, national oil companies, majors and independents across
the world, as well as a number of multi-national agencies such as
the European Commission and the World Bank. Aupec is currently
undertaking an important benchmarking project for a group of the
world's largest super-major oil companies.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com
Glossary of key terms
Gas initially in place Is the total quantity of gas that is estimated to exist originally in naturally occurring
reservoirs
P50 Reflects a volume estimate that, assuming the accumulation is developed, there is a 50%
probability
that the quantities actually recovered will equal or exceed the estimate. This is therefore
a median or best estimate case
This information is provided by RNS
The company news service from the London Stock Exchange
END
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