Result of AGM

RNS Number : 4947U

Parkmead Group (The) PLC

22 December 2011

 



22 December 2011

The Parkmead Group plc

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

Results 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 passed unanimously by shareholders.

For further information please contact:

For enquiries please contact:

The Parkmead Group plc	01224 622200
Tom Cross, Executive Chairman	[e-mail]
Kathryn Ramsay, Investor Relations	[e-mail]
Charles Stanley Securities	020 7149 6000
Nominated Adviser & Broker
Marc Milmo / Carl Holmes
College Hill Associates	020 7457 2020
Nick Elwes

Notes to Editors:

1.   Parkmead is an independent oil and gas company that is listed on AIM on the London Stock Exchange (symbol: PMG). Parkmead's primary focus is in the oil and gas exploration and production sector, targeting transactions at both an asset and corporate level. The Board is seeking to build a significant new independent oil and gas company and has, during 2011, appointed a proven oil and gas executive team. Parkmead's growth plans will be delivered through the combined knowledge, experience and strong track record of its team members and will draw upon the team's extensive industry and government relationships in the oil and gas sector.

2.   In November 2011, Parkmead completed the acquisition of stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus gas field, discovered in 2010, and the Possum gas prospect. The next well at Platypus will be drilled in 1Q 2012 and mapping indicates the potential for Platypus to contain up to 180 billion cubic feet of gas in place.

3.   In December 2011, Parkmead announced that it had signed an agreement to acquire stakes in blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which contain the large Pharos gas prospect. This structure has the potential to hold up to 500 billion cubic feet of gas in place. These two acquisitions have marked important steps in Parkmead's first stage of its development as a new independent energy company.

4.   Parkmead's capabilities have been significantly enhanced through the acquisition and integration of Aupec Limited ("Aupec").  As a result, going forward the Group plans to actively pursue investment and advisory opportunities throughout the North Sea, and internationally, using the combined capabilities of the enlarged Parkmead Group.

5.   Through its wholly owned subsidiary, Aupec, the Parkmead Group provides petroleum economics, benchmarking and valuation 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 most eminent super-majors.

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

 

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