Result of AGM

RNS Number : 4427A

Parkmead Group (The) PLC

22 December 2014

 



22 December 2014

THE PARKMEAD GROUP PLC

("Parkmead" or the "Company")

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
Tom Cross (Executive Chairman)	[phone]
Ryan Stroulger (Chief Financial Officer)	[phone]
Charles Stanley Securities (Financial Adviser, NOMAD and Corporate Broker to Parkmead)
Marc Milmo	[phone]
Carl Holmes	[phone]
Instinctif Partners Limited (PR Adviser to Parkmead)
David Simonson	[phone]
Catherine Wickman	[phone]

Notes to Editors:

1.   The Parkmead Group is an independent oil and gas, exploration and production company listed on the London Stock Exchange (symbol: PMG), and is a constituent of the FTSE AIM 100 index. Parkmead is focused on growth in the UK and Netherlands, targeting transactions at both asset and corporate levels.

2.   Dr Colin Percival, Parkmead's Technical Director, who holds a First Class Honours Degree in Geology and a Ph.D 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.

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, which is targeting Proven and Probable (2P) reserves of 41.3 million barrels of oil (21.5 million barrels of oil net to Parkmead).

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, Parkmead agreed to acquire a further 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.

10.  Also 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 within the UKCS 27^th Licensing Round.

11.  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.

12.  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.

13.  In September 2014, Parkmead discovered a new gas field onshore the Netherlands at Diever West.

14.  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.

 

END

 

 

RAGFEWFSEFLSELE