Result of AGM

RNS Number : 6941K

Parkmead Group (The) PLC

17 December 2018

 

17 December 2018

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	[phone]
Tom Cross (Executive Chairman)
Ryan Stroulger (Chief Financial Officer)
Panmure Gordon (UK) Limited (Financial Adviser, NOMAD and Corporate Broker to Parkmead)	[phone]
Dominic Morley
Atholl Tweedie
Instinctif Partners Limited (PR Adviser to Parkmead)	[phone]
David Simonson
George Yeomans

Notes to Editors:

1.  The Parkmead Group is an independent, UK and Netherlands focused business with four operating areas. Its shares are listed on the Alternative Investment Market of the London Stock Exchange (symbol: PMG). The Group currently produces gas from a portfolio of four fields across the Netherlands and it holds significant oil and gas interests spanning its 28 exploration and production blocks under licence.

2.  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.

3.  In August 2016, Parkmead doubled 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.

4.  In September 2016, Parkmead increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea to 60.05 per cent. The Perth and Dolphin fields, which are both operated by Parkmead, are at the core of Parkmead's major Greater Perth Area oil hub project.

5.  In April 2017, Parkmead significantly increased its stake in the major Sanda North and Sanda South prospects in the West of Shetland area of the UK North Sea. Through this accretive step, Parkmead increased its equity in the licence from 56% to 100%.

6.  In February 2018, Parkmead announced that it had increased its equity in the Perth and Dolphin fields in the UK Central North Sea from 60.05% to 100%. The Company also announced that it had signed an agreement with Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation (CNOOC), to conduct an engineering study in relation to the potential tieback of the GPA project to the Nexen operated Scott platform and facilities in the Central North Sea.

7.  In May 2018, Parkmead was provisionally awarded nine UK oil and gas blocks and part blocks spanning five new licences in the UK 30th Licensing Round. The Group also reported that production at the Diever west gas field in the Netherlands reached a new gross average monthly high in April 2018 of 56.6 million cubic feet per day.

8.  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

 

 

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