Result of AGM

RNS Number : 6813T

Parkmead Group (The) PLC

17 December 2012

 

17 December 2012

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 passed unanimously by shareholders.

For enquiries please contact:

The Parkmead Group plc                                                   01224 622200

Tom Cross, Executive Chairman                                     [e-mail]

Donald MacKay, Chief Financial Officer                     [e-mail]

Charles Stanley Securities                                                020 7149 6000

Nominated Adviser & Broker

Marc Milmo / Carl Holmes

College Hill                                                                              020 7457 2020

Matthew Tyler

Alexandra Roper

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 upstream oil and gas exploration and production sector, targeting transactions at both asset and corporate levels.

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. Mapping indicates the potential for Platypus and Possum to contain up to 180 and 100 billion cubic feet of gas in place, respectively.

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 gas-basin acquisitions have marked important steps in Parkmead's first stage of its development as a new independent energy company.

4.   In March 2012, Parkmead announced that it had signed an agreement to acquire a portfolio of Netherlands onshore assets comprising four producing gas fields and two oil fields from Dyas B.V. The acquisition of these assets provides the Group with its first producing assets. At the effective date of the acquisition, 1 January 2012, these assets were producing at a rate of approximately 2,000 boepd, being 300 boepd net to Parkmead. In addition, the portfolio acquired provides the Group with near term oil developments at Ottoland and Papekop with the former forecast to come onstream in 2013. This acquisition completed in August 2012.

5.   In May 2012, Parkmead announced that it had reached an agreement on the terms of a recommended acquisition of the entire issued and to be issued ordinary share capital of DEO by Parkmead to be implemented by way of a Court-sanctioned Scheme of Arrangement under Part 26 of the Companies Act 2006 (the "Scheme").The Scheme became effective on the 9^th August 2012. DEO's principal asset is its interest in the Perth field in the UKCS. DEO owns 52% and is operator of the Perth Field. The Perth field is targeting Proven and Probable (2P) reserves of 21.5mmbls (net to DEO).

6.   In October 2012, Parkmead announced that the Group had provisionally been awarded several new licences under the UKCS 27th 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. In addition, Parkmead has also applied for certain licences in the 27th Round within the UKCS Southern Gas Basin which are yet to be awarded by the UK government due to their location close to, or in, certain Specific Areas of Conservation (SACs) and Special Protection Areas (SPAs).

7.   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 largest super-major oil companies.

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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