New gas discovery comes onstream

RNS Number : 5374V

Parkmead Group (The) PLC

06 April 2023

 

06 April 2023

The Parkmead Group plc

("Parkmead", the "Group" or the "Company")

New gas discovery comes onstream

Parkmead, the independent energy group, is pleased to announce the commencement of gas production from its new LDS-01 discovery in the Netherlands.

The LDS-01 structure was successfully drilled around the end of 2022. The well has been tied into the neighbouring commercial gas production infrastructure in just a few weeks, demonstrating again the operational efficiency of Parkmead's low-cost assets onshore the Netherlands, where operating costs are less than $9 per barrel equivalent.

This new discovery is in its initial clean up period, and early flow rates suggest that Parkmead will benefit from a material increase in daily net production.

We look forward to updating shareholders with further information in due course.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014. Upon the publication of this announcement, the information contained herein is now considered to be in the public domain.

Enquiries:

The Parkmead Group plc	[phone]
Tom Cross (Executive Chairman)
Henry Steward (Group Commercial Manager)
finnCap Ltd  (NOMAD and Broker to Parkmead)	[phone]
Marc Milmo / Seamus Fricker - Corporate Finance
Andrew Burdis / Barney Hayward - ECM

About Parkmead

The Parkmead Group is a UK and Netherlands focused independent energy group listed on AIM at the London Stock Exchange (AIM: PMG). The Group produces natural gas from a portfolio of four fields across the Netherlands and holds significant additional oil and gas interests across the UK and Dutch sectors. Parkmead also 100% owns and operates the Kempstone Hill wind energy company, producing electricity direct to the UK grid. This is in addition to a range of complementary renewable energy opportunities throughout the Group. 

For further information please refer to Parkmead's website at www.parkmeadgroup.com

 

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