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Parkmead Group RNS Release

Further re related party transaction


RNS Number : 6797I
Parkmead Group (The) PLC
22 March 2018
 

22 March 2018

 

The Parkmead Group plc

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

 

Further information regarding related party transaction

Parkmead, the UK and Netherlands focused independent oil and gas group, is providing further information on the related party transaction which was previously reported on page 70 of its Annual Report and Accounts for the year ended 30 June 2017.

On 27 July 2017, The Parkmead Group plc entered into a credit facility with Energy Management Associates Limited, whereby Parkmead agreed to lend up to £2,900,000 to Energy Management Associates Limited (the "Facility").

During the tenure of this Facility, until it expires on or before 26 July 2019, The Parkmead Group plc has been granted an exclusive option to join Energy Management Associates Limited in new ventures being evaluated by the company, including, inter alia, potential opportunities relating to renewable energies.

The Facility has a tenor of two years, with a fixed interest rate of 2.5 per cent. and is fully secured over assets held within Energy Management Associates Limited. Energy Management Associates Limited is a company where T P Cross is a director and a shareholder.

As at 31 December 2017, £1,700,000 in aggregate had been lent to Energy Management Associates Limited by The Parkmead Group plc and is currently fully drawn.

At the time of the approval of the Facility, the Directors not connected to T P Cross considered that the terms of the Facility were fair and reasonable insofar as the Company's shareholders were concerned. The Facility was disclosed via the Annual Report and Accounts but was not notified separately pursuant to AIM Rule 13. On any future such transactions to which AIM Rule 13 applies, the Company, having consulted with its Nominated Advisor, will make the required separate AIM Rule 13 notification.

 

Enquiries:

 

The Parkmead Group plc


Tom Cross (Executive Chairman)  

+44 (0) 1224 622200

Ryan Stroulger (Chief Financial Officer)  

+44 (0) 1224 622200



Panmure Gordon (UK) Limited (Financial Adviser, NOMAD and Corporate Broker to Parkmead)


Adam James 

+44 (0) 20 7886 2500

Atholl Tweedie

 

+44 (0) 20 7886 2500

 









 

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

Notes to Editors:

 

1.  Dr Colin Percival, Parkmead's Technical Director, who holds a First Class Honours Degree in Geology and a PhD in Sedimentology and has over 35 years of experience in the oil and gas industry, has reviewed and approved the technical information contained in this announcement. Parkmead's evaluation of reserves and resources was prepared in accordance with the 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers and reviewed and jointly sponsored by the World Petroleum Council, the American Association of Petroleum Geologists and the Society of Petroleum Evaluation Engineers.

2.  Parkmead is an independent upstream oil and gas company that is admitted to trading on AIM on the London Stock Exchange (symbol: PMG). Parkmead is focused on growth in the oil and gas exploration and production sector, targeting transactions at both asset and corporate level.

3.  In May 2015, Parkmead completed a successful placing raising US$21.1 million to accelerate opportunities.

4.  In July 2015, Parkmead was awarded three new licences in the UKCS 28th Licensing Round. The three new licences comprise interests in three offshore blocks located in the Southern North Sea and West of Shetland vicinity.

5.  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.

6.  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.

7.  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.

8.  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%.

9.  In May 2017, Parkmead announced that it had signed a Sale and Purchase Agreement with Verus Petroleum (SNS) Limited to acquire a 50% interest in UK North Sea Licence P.2209 which contains the Farne Extension prospect and a further four prospective leads.

10. In February 2018, Parkmead increased its stake in the Perth and Dolphin oil fields to 100% and signed an agreement with Nexen Petroleum, subsidiary of China National Oil Corporation (CNOOC), to study the potential tie-back of the Greater Perth area project to the Nexen-operated Scott platform and associated facilities in the UK Central North Sea.

11. 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

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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