TIDMPMG
RNS Number : 4781S
Parkmead Group (The) PLC
21 December 2016
21 December 2016
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Result of Annual General Meeting
The Board of Parkmead is pleased to announce that at the
Company's Annual General Meeting, held earlier today, all
resolutions proposed were duly passed unanimously by
shareholders.
Enquiries:
The Parkmead Group plc +44 (0) 1224 622200
Tom Cross (Executive
Chairman)
Ryan Stroulger (Chief
Financial Officer)
Panmure Gordon (UK) Limited
(Financial Adviser, NOMAD
and Corporate Broker
to Parkmead) +44 (0) 20 7886 2500
Adam James
James Greenwood
Instinctif Partners Limited
(PR Adviser to Parkmead) +44 (0) 20 7457 2020
David Simonson
George Yeomans
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 30 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 increased 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. The Perth and
Dolphin fields are located across Blocks 15/21a, b, c and f &
14/25a in Licences P.218, P.588 and P.2154. Through this growth
step, Parkmead increased its equity in these licences to
60.05%.
19. 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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