Proactiveinvestors United Kingdom Parkmead Group https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Parkmead Group RSS feed en Wed, 17 Jul 2019 05:25:44 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Parkmead posts 70% jump in full-year revenue, gross profit more than trebles ]]> https://www.proactiveinvestors.co.uk/companies/news/209362/parkmead-posts-70-jump-in-full-year-revenue-gross-profit-more-than-trebles-209362.html Parkmead PLC (LON:PMG) shares pushed higher on Friday after the independent energy group reported a 70% jump in full-year revenue and more than trebled its gross profit.

The AIM-listed, UK and Netherlands-focused firm saw its revenue increase to £7.0mln for the year ended 30 June 2018, up from £4.1mln a year earlier.

READ: Parkmead shares rise as it steps-up Greater Perth Area oil hub

The group’s gross profit for the period was £4.1mln an increase of 242% on the previous year’s £1.2mln.

Parkmead highlighted its strong total asset base, which was £78.9mln as at 30 June 2018, and said it remains well capitalised, with cash balances of US$31.0mln (£23.8mln) on the same date.

The company noted that, to date,  it has completed seven acquisitions, at both asset and corporate level, and said it is “actively evaluating further growth opportunities”.

The group executive chairman, Tom Cross, commented: “Parkmead is well positioned for the future. We have excellent UK and Netherlands regional expertise, significant cash resources, and a growing portfolio of assets.

He added: “The Group will continue to build upon the inherent value in its existing interests with a balanced, acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders."

In early morning trading, Parkmead shares were 3% higher at 62.00p.

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Fri, 16 Nov 2018 08:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209362/parkmead-posts-70-jump-in-full-year-revenue-gross-profit-more-than-trebles-209362.html
<![CDATA[News - AIM oilers add discoveries and new exploration projects in North Sea licensing round ]]> https://www.proactiveinvestors.co.uk/companies/news/197631/aim-oilers-add-discoveries-and-new-exploration-projects-in-north-sea-licensing-round-197631.html A series of offshore UK-focused junior oil and gas on Thursday revealed details of new acreage that they have secured through the government’s 30th licensing round.

British industry regulator, The Oil and Gas Authority (OGA), on Wednesday announced the results of what it called a ‘transformational’ licensing round, in which it offered 123 licenses (covering 229 blocks or part blocks) to a total of 61 companies.

Today, the market learned that growth companies such as United Oil & Gas Plc (LON:UOG), Parkmead Group Plc (LON:PMG), Faroe Petroleum plc (LON:FPM) and Serica Energy Plc (LON:SQZ) were among the firms landing new projects.

READ: United Oil & Gas lands Crown discovery in UK licensing round

The OGA said that this latest phases of acreage awards would act as a strong platform for future exploration and production across the UK Continental Shelf.

Moreover, the regulatory stated its expectation that the round would “lead very quickly to activity” and that would provide a boost to exploration.

OGA says UK Continental shelf “is back”

Altogether, the OGA secured commitments from oil and gas groups to drill at least eight new exploration or appraisal wells, as well as nine new 3D seismic survey shoots.

Significantly, a total of 14 new licenses are expected to see projects proceed directly to field development planning, the OGA added.

The OGA estimated that the round may unlock a dozen currently undeveloped discoveries, representing some 320mln barrels oil equivalent whereas the exploration potential within the new blocks was estimated in the order of 3.6bn barrels oil equivalent.

“The UKCS is back. Big questions facing the basin have been answered in this round. Exploration is very much alive with lots of prospects generated and new wells to be drilled,” said Andy Samuel, OGA chief executive.

“The results show a great diversity of active players from super-majors to new entrants, and the hard work promoting undeveloped discoveries is starting to pay off. I’m looking to industry to rapidly press ahead with these activities and maximise recovery from these great opportunities.”

I3 Energy

Wednesday saw i3 Energy shares soared around 25% after it revealing that it had secured an important acreage package in the vicinity of the group’s flagship Liberator field. It represents a material extension of the Liberator field, to be referred to in the future as Liberator West.

“This provides significant additional growth potential and increases our existing full development potential resource base significantly to 80 MMBO,” said chief executive Neil Carson.

He added: “It will provide relatively low-risk, low-cost drilling opportunities to develop additional barrels in this highly productive and well-established trend."

I3 now intends to enlarge its existing field development plan (FDP) to include a drilling location capable of accessing Liberator West in the first phase. An appraisal well is planned for Liberator West in late 2018, and the well is estimated to have a 70% chance of finding commercial hydrocarbon volumes.

United Oil & Gas

Upwardly mobile United landed two new exploration areas in the North Sea, one of which already contains the Crown oil discovery - found by a ConnocoPhilips well in 1998.

Crown has been estimated to contain 4-16mln barrels of oil, with the mid-case presently pitched at around 9mln barrels. United plans to conduct new work programmes to advance Crown towards a development, starting with seismic reprocessing designed to reduce uncertainties relating to estimated oil volumes and to help select future well locations.

Additionally, the company highlighted that the whole new acreage package spans some 13.6 square kilometres and contains multiple exploration targets.

Parkmead Group

Acquisitive Parkmead substantially expanded its footprint via the licensing round, picking up interests in a total of five licenses (equating to nine blocks or part blocks).

The new acreage is located in the Central North Sea, Southern North Sea and West of Shetland areas.

It has secured the Lowlander oil discovery which is in close proximity to Parkmead’s Greater Perth Area hub development project, increasing group contingent resources by 29% to 95.3mln barrels oil equivalent.

Parkmead also highlighted that two awards span the highly prospective Skerryvore area, including a total of seven new prospects (three of which are stacked, meaning that multiple targets can be targeted by a single well).

In a previous phase of awards, the 28th licensing round, Parkmead gained 12 offshore blocks.

Serica Energy

The producer, which is in the process of acquiring a package of North Sea assets from BP, has further increased its portfolio by securing three new exploration licences from the OGA.

It also has a stake in the Skerryvore project alongside Parkmead, as well as gaining stakes in two other areas.

Serica gets 20% of the Rowallan South blocks which were awarded to operator ENI. As the name suggests, the blocks are located due south of the company’s 15% owned Rowallan Prospect where an exploration well is due to be drilled later this year.

Meanwhile, Serica gains 50% of the Columbus West licence which is located to the west of the Columbus field which is presently in the planning phase of oil field development. Mitch Flegg, Serica chief executive, said the area is suited to fast-tack develop if future exploration proves successful.

Independent Oil and Gas

IOG took three licence areas (comprising four blocks in total) all of which are in ‘tie-back range’ of recently acquire pipeline infrastructure.

One block is contiguous to IOG’s Harvey field, and, as such it increases the group’s view of prospective resources for the project – adding 24bn cubic feet (BCF) to 114 BCF.

Two blocks span the Glein discovery (to be renamed by IOG as Goddard) which is estimated to host 189 BCF. And the final new block contains the Aberdonia (to be renamed Abbeydale by IOG)  which is estimated to have 11 BCF.

“We made very targeted applications in the 30th UKCS Licensing Round where we saw potential to add tangible value to our portfolio, and it is very pleasing to see all three applications successful,” said Andrew Hockey, IOG chief executive.

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Thu, 24 May 2018 10:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197631/aim-oilers-add-discoveries-and-new-exploration-projects-in-north-sea-licensing-round-197631.html
<![CDATA[News - Parkmead shares rise as it steps-up Greater Perth Area oil hub ]]> https://www.proactiveinvestors.co.uk/companies/news/191290/parkmead-shares-rise-as-it-steps-up-greater-perth-area-oil-hub-191290.html The Parkmead Group Plc (LON:PMG) shares advanced on Wednesday after the North Sea oiler told investors that it has agreed to take full ownership of the Perth and Dolphin fields.

The companies stake increases from 60.05%, and it sees the group’s proved and probable reserves (2P) at the project rise to 46.3mln barrels of oil equivalent.Perth and Dolphin are located at the centre of the group’s Greater Perth Area (GPA) oil hub project.

READ: Parkmead Group says 2017 has been “an important year of progress”

At the same time, the company has signed an agreement with Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation (CNOOC), for an engineering study for a potential tie-back of the GPA to Nexen’s Scott platform and facilities which are located 10 kilometres apart.

Parkmead has also launched a new reservoir study for the GPA, to be produced by consultant AGR Tracs International, which will look at well stimulation and the potential for increasing oil flow rates as well as reserves recovery.

There’s some 197mln barrels of oil-in-place at the core Perth field while the GPA hosts an estimated 498mln barrels. The reservoir study aims to identify how much of that crude could be recovered with stimulation.

READ: Parkmead takes full ownership of North Sea gas exploration project

"We are delighted with the significant progress we have achieved with the Greater Perth Area project. By increasing our stake in the Perth and Dolphin oil fields, Parkmead's oil and gas reserves grow by some 63%,” said Tom Cross, Parkmead chairman.

“The study with Nexen will examine one path to potentially unlock the substantial value of the GPA project for the benefit of the UK and Parkmead shareholders, as well as providing further value for the existing infrastructure partners."

Parkmead shares were up 3.51p or 8.8% changing hands at 42.96p.

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Wed, 07 Feb 2018 09:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/191290/parkmead-shares-rise-as-it-steps-up-greater-perth-area-oil-hub-191290.html
<![CDATA[News - Parkmead Group says 2017 has been “an important year of progress” ]]> https://www.proactiveinvestors.co.uk/companies/news/187419/parkmead-group-says-2017-has-been-an-important-year-of-progress-187419.html Parkmead Group Plc (LON:PMG) executive chairman Tom Cross has described 2017 as “an important year of progress” for the company.

“The group moved into gross profit as a result of increased gas production and the cost reduction programme in the UK,” Cross said in a statement.

READ: Parkmead takes full ownership of North Sea gas exploration project

“This is an outstanding achievement for Parkmead at a time when global oil prices have remained low.”

“Parkmead's gas production acts as a natural hedge in the challenging oil price environment.”

Parkmead reported £1.2mln gross profit for the year, marking an improvement from a £4.6mln loss in the preceding year.

The company highlighted that it ended the twelve months, to June 30, well capitalised with a cash balance of US$34.3mln and it was debt free.

Cross added: “We are delighted to have significantly increased production at the Diever West gas field, which increases Parkmead's cash flow. New reservoir modelling indicates that Diever West could be more than double the size originally expected.

READ: Parkmead takes full control of West of Shetland exploration targets

“We are also pleased to have been able to increase our stakes in core areas of the group's portfolio during the year, particularly around the Greater Perth Area oil hub in the UK North Sea, where Parkmead has strengthened its position.

“The group is in discussions with leading, international service companies and oil companies with regards to the Greater Perth Area.”

“The team at Parkmead is working intensively to evaluate and execute further value-adding opportunities which could provide additional cash flow to the company.”

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Fri, 17 Nov 2017 08:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187419/parkmead-group-says-2017-has-been-an-important-year-of-progress-187419.html
<![CDATA[News - Parkmead takes full ownership of North Sea gas exploration project ]]> https://www.proactiveinvestors.co.uk/companies/news/177573/parkmead-takes-full-ownership-of-north-sea-gas-exploration-project-177573.html North Sea oil firm The Parkmead Group Plc (LON:PMG) has agreed a deal to take full ownership of Licence P.2209, which includes the Farne Extension prospect and other exploration potential.

Parkmead already owned a 50% stake and the new transaction with Verus Petroleum gives it 100% of the asset which is presently estimated to contain 175bn cubic feet of gas initially in place, on a most likely basis.

The asset is located in the Southern Gas Basin of the UK North Sea, directly to the south east of the Breagh gas field.

Parkmead plans to obtain new high-quality 3D seismic data to refine its understanding of the largest targets. The data will be analysed to de-risk targets ahead of any decisions to drill.

"We are delighted to double our stake in this attractive area, which expands Parkmead's portfolio in the Southern Gas Basin,” said Tom Cross, Parkmead executive chairman.

“Parkmead has a 100% track record of drilling success in the UK Southern Gas Basin to date, with successful wells drilled at Platypus and Pharos.

“The team at Parkmead is working intensively to evaluate and execute further value-adding acquisitions in our core areas of the UK and Netherlands."

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Wed, 10 May 2017 08:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/177573/parkmead-takes-full-ownership-of-north-sea-gas-exploration-project-177573.html
<![CDATA[News - Parkmead takes full control of West of Shetland exploration targets ]]> https://www.proactiveinvestors.co.uk/companies/news/175898/parkmead-takes-full-control-of-west-of-shetland-exploration-targets-175898.html The Parkmead Group Plc (LON:PMG) has taken full control of the Sanda exploration prospects in the West of Shetland region of the UK continental shelf.

It has increased its stake in the potentially high impact exploration venture, within licence block 205/13, to 100% from 56%.

Located in the Faroe-Shetland Trough, to the north east of Hurricane Energy’s Lancaster field, Sanda North and Sanda South are both seen as large Palaeocene prospects which are estimated to have potential for some 280mln barrels of recoverable oil.

The North Sea focussed oiler highlighted that the primary exploration play is the Paleocene Vaila Formation, which forms the reservoir in nearby oilfields such as Foinaven, Schiehallion and Loyal.

It also noted that both Sanda prospects are de-risked by a past well, up-dip, and its experienced geologists have undertaken extensive seismic reprocessing work and have acquired detailed data from the previous well.

"We are delighted to have nearly doubled our stake in the very large Sanda North and Sanda South prospects, which have the potential to add major value to the company,” said Tom Cross, Parkmead executive chairman.

“The West of Shetland is an area that we understand well, and this increased stake further builds on the strength of Parkmead's asset portfolio in the UK.”

Parkmead also pointed to upcoming exploration drilling in the North Sea, by Statoil, as a possible catalyst for its other assets. Statoil intends to drill the Verbier exploration well - which is part owned by AIM peer Jersey Oil & Gas Plc (LON:JOG) - this summer.

Verbier lies in the same play fairway as the company’s Polecat and Marten projects, and Parkmead highlights that the exploration target shares many similarities with the fields. It highlights that a discovery at Verbier could have the potential to considerably increase the value of nearby oil and gas assets, like Polecat and Marten.

Cross added: “We are pleased that high-impact exploration close to our acreage could add further regional value to Parkmead's assets, at no cost to our Company.

“The team at Parkmead is working intensively to evaluate and execute further value-adding opportunities in our core areas of the UK and Netherlands."

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Tue, 04 Apr 2017 07:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/175898/parkmead-takes-full-control-of-west-of-shetland-exploration-targets-175898.html
<![CDATA[News - Brokers queue up to laud The Parkmead Group ]]> https://www.proactiveinvestors.co.uk/companies/news/175362/brokers-queue-up-to-laud-the-parkmead-group-175362.html Shares in The Parkmead Group PLC (LON:PMG) were wanted as the UK and Netherlands-focused oil and gas outfit posted a half-year gross profit.

The debt-free but previously loss-making company made a gross profit of £672,000 in the six months to the end of December 2016, compared to a loss of £4.1mln in the corresponding period of 2015.

Exploration and admin costs wiped out the gross profit, result in a loss before tax of £4.51mln that was a modest improvement on the previous year's £4.56mln, but on the plus side the group has been cash flow positive on an operating basis since January 2016, thanks to its Netherlands gas business.

“We have increased gas production from Parkmead's low-cost Netherlands portfolio through an onshore work programme, which has resulted in Parkmead moving into gross profit. This is an outstanding achievement for Parkmead at a time when global oil prices have remained low,” declared Parkmead's executive chairman, Tom Cross.

“Parkmead's gas production acts as a natural hedge in this low oil price environment,” he added.

Revenues declined to £2.7mln from £7.0mln the year before, largely because of the decline in oil prices.

Cash and cash equivalents at the end of 2016 stood at £26.7mln, down from £29.6mln a year earlier.

“We are delighted to have been able to increase our stakes in core areas of the group's portfolio during the period, particularly around the important Greater Perth Area oil hub in the UK North Sea, where Parkmead has strengthened its position. The group's reserves and resources also increased significantly in 2016 through two licence acquisitions,” Cross said.

"Parkmead is well positioned to take advantage of the ongoing lower oil price and the opportunities that are arising from this. We have excellent regional expertise, significant cash resources, and a growing, low-cost gas portfolio. The group will continue to build upon the inherent value in its existing interests with a licensing and acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders," Cross pledged.

Cantor Fitzgerald said the financials in the interim results were broadly in line with its expectations.

“We are encouraged that PMG has re-allocated capital to its low-cost producing gas fields in the Netherlands in the current climate,” the broker said.

“We continue to advocate low operating cost, and well capitalised producers in the current climate, and therefore highlight Parkmead as an attractive opportunity for investors,” Cantor said, as it reiterated its 'buy' recommendation and punchy 163p target price.

Shares in Parkmead were trading at 46p, up 5.8%, in late morning trading.

Small caps broker finnCap also rates the shares a 'buy', albeit with a less stratospheric target price of 81p.

“We really like the Netherlands gas business and are of the view that the company should expand its production base in order to take advantage of the Groningen situation. We note that the company continues to look at potential transactions,” the broker said.

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Fri, 24 Mar 2017 11:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/175362/brokers-queue-up-to-laud-the-parkmead-group-175362.html
<![CDATA[News - Parkmead hails Dutch success and North Sea expansion ]]> https://www.proactiveinvestors.co.uk/companies/news/169187/parkmead-hails-dutch-success-and-north-sea-expansion-169187.html Parkmead Group Plc (LON:PMG) chairman Tom Cross says it has been an excellent year, despite the challenges of the low oil price environment.

The North Sea growth company today confirmed it remained cash flow positive since January, on an operating basis, whilst highlighting expansions to the portfolio and progress for key field development programmes.

Notably Parkmead had increased its interests in the Polecat and Marten fields, and separately increased their holdings in the Perth and Dolphin fields.

Perth and Dolphin are said to be core to Parkmead’s planned Perth-Dolphin-Lowlander or PDL oil hub project – a fully appraised project with some 80mln barrels of recoverable oil reserves – whereas Polecat and Marten are significant because they are close enough to PDL that they could also be developed.

On the exploration front, Parkmead secured access to the high impact potential of the Sanda North and Sanda South prospects located in the West of Shetland region of the North Sea. These potentially large projects have been estimated to have 280mln barrels of recoverable oil.

The group’s gas production, from operations the Netherlands, increased more than six-fold during the year ended June 30 amid the start-up of the Diever West field via a fast-track development over fourteen months.

Parkmead says its Dutch gas production has continuously outperformed expectations, averaging 34 million cubic feet per day in June (that is 5,850 barrels oil equivalent per day). The cost of production is approximately US$14 per boe.

“Parkmead discovered and brought onstream a new gas field at Diever West, in the Netherlands, within just 14 months,” Tom Cross said in the results statement.

“This field is delivering profitable gas production and important additional cash flow to the group.”

He added: “Parkmead is well positioned to take advantage of the ongoing lower oil price environment, and the opportunities that are arising from this.

“The group will continue to build upon the inherent value in its existing interests with a licensing and acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders.”

Parkmead reported revenue of £10.4mln for the twelve months ended June 30, down from £18.6mln in the preceding year as a result of lower oil prices and the shut-in of the Athena field in January. The company reported a £6.69mln loss for the year, compared to a £31.36mln loss in 2015.

It had £28.3mln of cash at the end of June, with total assets reported at £87.5mln.

Brendan Long, analyst at stockbroker WH Ireland, in a note said the group’s interim results reflect its ‘defensive positioning’.

“The company remains exceptionally well positioned to capture opportunities as strength returns to the oil & gas sector.”

WH Ireland rates Parkmead as a ‘buy’ with a 196p price target that suggests nearly 240% upside to the current price of 58p per share.

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Fri, 18 Nov 2016 09:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/169187/parkmead-hails-dutch-success-and-north-sea-expansion-169187.html
<![CDATA[News - This oiler has 50% upside, but what's driving the shares today? ]]> https://www.proactiveinvestors.co.uk/companies/news/165864/this-oiler-has-50-upside-but-what-s-driving-the-shares-today-165864.html Shares in Parkmead Group PLC (LON:PMG) rose 14% after clinching a deal that will increase its oil reserves in the Moray Firth by almost a fifth.

It now owns just over 60% (up from 52%) of the licences for the Perth and Dolphin (PDL) areas that are host to two “sizeable” accumulations light crude and that have been tested at production rates of 6,000 barrels a day.

As a result of the transaction, Parkmead has increased proved and probable reserves to 27.9mln barrels of oil equivalent from 23.5mln.

No financial details were given.

This latest deal follows the company’s recent acquisition of an additional 50% of the Polecat and Marten fields, announced last month.

Given their proximity to Perth and Dolphin, it is hoped they can be incorporated into a larger North Sea oil producing area.

The Moray Firth is already host to some big operations, including the Piper, Claymore and Tartan fields.

“This growth step strengthens Parkmead's asset base in the centre of the company's major Perth-Dolphin-Lowlander oil hub project, which is one of the largest undeveloped oil projects in the North Sea,” said Parkmead chief executive Tom Cross.

Shares in Parkmead, which have advanced 30% in the year to date, were changing hands for 55.94p for a rise of 6.69p.

The small-cap broker finnCap reckons the stock is worth 80p, while Panmure Gordon says 'buy' up to 105p.

"The pace of deal activity at Parkmead is picking up, and we continue to anticipate that the company will be able to achieve further value adding deals, given Tom Cross’s track record and what looks like a market for transactions in the UK North Sea that is beginning to creak open," said Panmure's Colin Smith.

 

 

 

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Wed, 14 Sep 2016 07:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165864/this-oiler-has-50-upside-but-what-s-driving-the-shares-today-165864.html
<![CDATA[News - Parkmead doubles stake in two North Sea fields ]]> https://www.proactiveinvestors.co.uk/companies/news/129209/parkmead-doubles-stake-in-two-north-sea-fields-129209.html UK oil group Parkmead (LON:PMG) has doubled its stake in the Polecat and Marten oil fields in the UK Central North Sea.

Parkmead now owns 100% of Licence P2218, which the blocks sit in, having acquired an initial  50% interest in the UK 28th Licensing Round.

The Polecat and Marten fields are approximately 20km east of the Buzzard field and close to Parkmead's large Perth-Dolphin-Lowlander (PDL) hub project in the Moray Firth.

Tom Cross, Parkmead’s executive chairman, said as well as increasing its contingent oil and gas resources by some 39% the larger stakes in Polecat and Marten can be highly valuable to the PDL project.

The fields are estimated to hold over 90mln barrels of oil in place and over 33 mln barrels of contingent resources.

Elsewhere, Parkmead reported that the Diever West gas field, onshore in the Netherlands, continues to perform above expectations. Gross production in July averaged 34mln cubic feet per day (approximately 5,850 barrels of oil equivalent).

Parkmead has also identified ways to improve performance further in the Netherlands through a low-cost in-fill well at Geesbrug, a sidetrack at Wijk en Aalburg and workovers at Brakel and Grolloo.

 

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Wed, 10 Aug 2016 11:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/129209/parkmead-doubles-stake-in-two-north-sea-fields-129209.html
<![CDATA[News - Parkmead sees first gas from Diever West after fast-track development ]]> https://www.proactiveinvestors.co.uk/companies/news/119471/parkmead-sees-first-gas-from-diever-west-after-fast-track-development-119471.html Parkmead (LON:PMG) told investors that the Diever West gas field, onshore Netherlands, has achieved ‘first gas’.

It comes just 14 months after the field’s discovery, with the Diever-2 well.

The well, which has previously tested at around 5,000 barrels oil equivalent per day, exceeded expectations at the time and it has subsequently been the subject of a low-cost, fast track development programme.

Diever West has been connected to existing nearby infrastructure.

"We are delighted to achieve first gas from the Diever West field in the Netherlands, which provides an important additional revenue stream for Parkmead,” said executive chairman Tom Cross.

“The company has already received revenues from the first gas sales from the field.”

He added: “The new gas production from Diever West will act as a natural hedge to the low oil price environment at this key stage in Parkmead's growth."

Parkmead, in a separated statement, reported financial results for the twelve months to June 30.

It said revenue had remained “relatively strong” at £18.6mln, down from £24.7mln in the prior year, whilst the company reported a pre-tax loss of £30.8mln.

At the end of the period the company had £105.6mln of net assets, with a £41.1mln cash balance.

The company told investors it was strategically positioned to make further acquisitions, having already completed six since it was established as an independent company.

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Fri, 20 Nov 2015 07:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/119471/parkmead-sees-first-gas-from-diever-west-after-fast-track-development-119471.html
<![CDATA[News - Parkmead evaluating acquisition opportunities amid low oil prices ]]> https://www.proactiveinvestors.co.uk/companies/news/67529/parkmead-evaluating-acquisition-opportunities-amid-low-oil-prices-78737.html Parkmead (LON:PMG) told investors it is evaluating more acquisition opportunities as it looks to take advantage of low oil prices.

Acquisitive North Sea oil junior said it is in a strong position, operationally and financially, and it views the current market environment as a good opportunity to continue the Group's strong growth trajectory.

The company has already completed six transactions since it set up as a new independent oil and gas company, and last year it also secured additional acreage via the UK government’s licencing round. It now owns at total of 61 oil and gas blocks, in the UK and Netherlands.

In the financial year, ended December 31, Parkmead generated £10.1mln of revenue and it reported a £14.9mln loss - including non-cash impairments relating to the Athena field and low crude prices. Excluding the impairments, the group would’ve made a £2mln loss.

Parkmead ended the year with £39.4mln in cash and equivalents.

Executive Tom Cross said: “Parkmead is well positioned to take advantage of the lower oil price environment and the opportunities that are arising from this. 

“We have significant cash resources, and a growing low-cost gas portfolio. The Group will continue with its licensing and acquisition-led growth strategy, securing opportunities that maximise value for our shareholders."

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Fri, 27 Mar 2015 08:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/67529/parkmead-evaluating-acquisition-opportunities-amid-low-oil-prices-78737.html
<![CDATA[News - Parkmead awarded six more licences in North Sea ]]> https://www.proactiveinvestors.co.uk/companies/news/63527/parkmead-awarded-six-more-licences-in-north-sea-74226.html Oil explorer Parkmead Group (LON:PMG) has secured six new licences covering a total of nine blocks in the North Sea.

Three of the new licences boost the firm’s asset base around its Perth Dolphin Lowlander (PDL) oil hub development project, which include stakes in five blocks.

Parkmead also picked up two blocks in the central North Sea area and a new licence in the Southern Gas Basin, an area where the firm says it is building a “significant portfolio”.

Executive chairman Tom Cross said the business has applied for additional licences West of Shetland, but was delighted with the awards especially those close to its PDL development.

Broker Westhouse Securities said it was positive news for the rapidly expanding group.

Last year the firm secured eight new licences covering a total of 30 offshore blocks. 

The additional licences take Parkmead's total number of oil and gas blocks across the UK and the Netherlands to 61, with 48 of these being operated by the group.

The remaining licences in the 28th round awards are expected to be announced after further assessment by the UK government.

Westhouse has a 400p target price and ‘buy’ recommendation.

Shares today were 162.2p.

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Tue, 11 Nov 2014 13:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/63527/parkmead-awarded-six-more-licences-in-north-sea-74226.html
<![CDATA[News - Parkmead Group investors welcome oversubscribed £40mln funding ]]> https://www.proactiveinvestors.co.uk/companies/news/55171/parkmead-group-investors-welcome-oversubscribed-40mln-funding-65246.html Parkmead Group (LON:PMG) has raised £40mln (US$66mln) through a share placing to help fund upgrades to the producing Athena field and support its continued exploration and appraisal efforts.

The North Sea oil firm, run by founders of the Dana Petroleum business, issued 15.68mln new shares (equating to 22.5% of its existing shares) at a price of 255p each.

The funding was oversubscribed and appears welcome, as the group’s shares remained at a healthy premium to the placing price - up 8p, or 3%, trading at 266p in early deals.

Having acquired a 30% stake in the Athena field - through two separate transactions last year – the company will now participate in programmes to work over and enhance the field’s operation. Today’s funding will, in part, pay for that work.

Parkmead also intends to use some of the money for “high impact” exploration drilling on the Skerryvore oil as well as the Possum, Blackadder and Davaar prospects.

Further acquisitions could also be possible with the backing of today’s placing. Parkmead says that following its acquisitions into Athena, it believes there are similar opportunities to target and the certainty of funding is the key to successful negotiations.

Parkmead chief executive Tom Cross said: "2013 was an excellent year for Parkmead, with the company delivering significant growth throughout its asset base and in its production profile.

“This important, oversubscribed placing with major institutional investors will place Parkmead in a strong position, with over US$66mln of firepower to accelerate its growth through the development of its existing asset base, the planned applications in the recently opened UKCS 28th Licensing Round and further corporate opportunities."

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Tue, 28 Jan 2014 09:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/55171/parkmead-group-investors-welcome-oversubscribed-40mln-funding-65246.html
<![CDATA[News - Parkmead won’t pay more for Lochard ]]> https://www.proactiveinvestors.co.uk/companies/news/48879/parkmead-wont-pay-more-for-lochard-58247.html Acquisitive North Sea group Parkmead (LON:PMG) has told Lochard shareholders it won’t increase its offer for their company.

Parmead, run by the team that built Dana Petroleum prior to its US$1.7bn sale, launched an all paper deal for Lochard in May.

Through the deal it stands to acquire a 10% stake in the Ithaca operated Athena field, which currently produces around 11,000 barrels a day gross.

Giving shareholders 0.385 Parkmead shares for every Lochard share, the deal was worth £14.5mln at the time. The offer was recommended by Lochard’s board and Parkmead has so far secured 41.4% of the issued shares.

However, one group of investors, together owning 20.37%, rejected the offer saying that it materially undervalued the company, which they believe to be on the way to profitability.

Parkmead has now stated that it won’t increase the value of its offer, which it formulated based on the anticipated future performance of the Athena field.

“Having undertaken full technical, financial and legal due diligence of Lochard Energy and its assets, the board of Parkmead believes that its offer for Lochard Energy reflects fully the value of Lochard Energy,” Parkmead said in a statement.

“Therefore, Parkmead confirms that its offer of 0.385 Parkmead Shares for each Lochard Energy Share is final, and that this offer will not be increased.

On June 7, Lochard told investors it was the opinion of the board that the company as a stand-alone entity would not be able to fund its share of future commitments from January 2014.

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Fri, 21 Jun 2013 09:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/48879/parkmead-wont-pay-more-for-lochard-58247.html
<![CDATA[News - Parkmead’s Lochard takeover in the balance as shareholder group says ‘no’ ]]> https://www.proactiveinvestors.co.uk/companies/news/48224/parkmeads-lochard-takeover-in-the-balance-as-shareholder-group-says-no-57473.html Parkmead Group’s (LON:PMG) takeover of Lochard Energy (LON:LHD) is in the balance after a number of shareholders rejected the all-paper deal.

The shareholders, represented by Cornhill Capital, believe the offer materially undervalues the company.

Together, the shareholders’ holdings total 60.9mln shares and represent 20.37% of Lochard’s shares.

Earlier this month, Parkmead agreed a recommended takeover of Lochard though a share deal which at that time valued the company at £14.5mln.

Under the terms of the deal investors would receive 0.385 Parkmead shares for every Lochard share they own.

If successful, the deal will give Parkmead a 10% stake in the Ithaca Energy (LON:IAE) - operated Athena oil field, which began production last year and currently yields up to 11,000 barrels per day (gross).

Lochard’s dissenting shareholders agree that the company needs to be run by an experienced and proven operator.

But they believe that the offer doesn’t adequately value Lochard, which they believe will become a profitable entity as revenue from Athena pays off the group’s debts.

Parkmead’s offer already had irrevocable acceptances for 41.4% of Lochard shares, according to the most recent stock market update on May 24.

For the takeover to go through Parkmead will have to get the backing of the majority of Lochard’s outstanding shares.

Parkmead needs to secure acceptances for 75% of Lochard’s shares, so, in other words, the rebel shareholders only need another 4.63% to scupper the proposed merger.

If it completes the deal, Lochard’s stake in Athena will increase Parkmead’s revenues by around 400% and it will help fund ambitious growth plans.

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Thu, 30 May 2013 13:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/48224/parkmeads-lochard-takeover-in-the-balance-as-shareholder-group-says-no-57473.html
<![CDATA[News - Parkmead agrees £14.5mln Lochard Energy takeover ]]> https://www.proactiveinvestors.co.uk/companies/news/48027/parkmead-agrees-145mln-lochard-energy-takeover-57242.html  

 

Growing North Sea oil firm Parkmead (LON:PMG) has agreed a £14.5mln deal to takeover Lochard Energy (LON:LHD).

The all-paper deal will give Parkmead a 10% stake in the Ithaca Energy operated Athena oil field, which began production last year and currently yields up to 11,000 barrels per day (gross).

This will represent a 400% increase in Parkmead’s production, and it also adds 2.3mln barrels of oil reserves. Furthermore, the cash flows from Athena will help fund the development of Parkmead’s other assets.

Through the deal, which values Lochard at 4.9p, investors will receive 0.385 Parkmead shares for every Lochard share they own.

Parkmead already has approvals accounting for about 40% of Lochard’s shares, after a number of major shareholders backed the proposal.

"This is the most exciting and important deal for Parkmead to date,” said Clive Carver, Parkmead chairman.

“The acquisition of Lochard will increase Parkmead's production by over 400 per cent, and therefore provides it with a significantly enhanced cash flow profile.

“Furthermore, the addition of Lochard's production will enable Parkmead to deliver its ambitious growth plans. This follows the acquisition of DEO Petroleum plc, first production from the Netherlands, successful horizontal appraisal drilling at the Platypus field and the major award of 25 blocks across the UKCS, all achieved by Parkmead within the last 12 months."

 

 

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Thu, 23 May 2013 08:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/48027/parkmead-agrees-145mln-lochard-energy-takeover-57242.html
<![CDATA[News - Parkmead says it has a continued appetite for acqusitions ]]> https://www.proactiveinvestors.co.uk/companies/news/42261/parkmead-says-it-has-a-continued-appetite-for-acqusitions-50433.html

Oil & Gas group Parkmead (LON:PMG) said it had an “continued appetite for acquisitions” as it brought down the curtain on the last financial year.

Reported revenue for the period to June 30 was £2.9 million, though unsurprisingly for a company at this stage of its evolution it was loss-making. The shortfall was £4.7 million.

However, Parkmead is reasonably well cashed up with £7.7 million in the bank as the end of June, and it has seen its total asset base appreciate by 86% to £22.9 million. It is sitting on proven and probable reserves of 25.1 million barrels of oil equivalent.

“As we look ahead into 2013 and beyond, the group has a continued appetite for acquisitions and will look to add reserves through its active drilling programme,” said chairman Tom Cross.

“We believe the group has created a strong platform to become a key E&P player in the North Sea and elsewhere in Europe. We will continue to update shareholders as we make further progress.”

 


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Fri, 16 Nov 2012 08:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/42261/parkmead-says-it-has-a-continued-appetite-for-acqusitions-50433.html
<![CDATA[News - Parkmead completes "milestone" acquisition of first production assets ]]> https://www.proactiveinvestors.co.uk/companies/news/38978/parkmead-completes-milestone-acquisition-of-first-production-assets--46568.html  

Rapidly growing oil and gas company Parkmead (LON:PMG) has completed its €7.5 million purchase of its first production assets, it said today.

As revealed in March this year the firm has bought a portfolio of Netherlands onshore assets consisting of interests in four producing gas fields and two oil fields.

Parkmead is buying the Dutch licences from Dyas in what it calls a "milestone" deal.

They comprise a 15 per cent stake in two producing gas fields at Wijk en Aalburg and Brakel, as well as the Ottoland oil field development.

Parkmead is also acquiring a 15 per cent interest in the Papekop production licence and a 15 per cent stake in Drenthe III and Drenthe IV, which includes the producing Geesbrug and Grolloo gas fields.

The assets in total are producing at a rate of around 2,000 boepd, with 300 boepd net to Parkmead, while Ottoland is forecast to come on stream in late 2012 or early 2013.

Executive chairman Tom Cross told investors today: "We are pleased to have secured stakes in these attractive licence areas that give Parkmead its first gas production and near term oil field developments."

Northern Petroleum (LON:NOP) is the operator of the licences in the Netherlands.

 

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Wed, 08 Aug 2012 08:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/38978/parkmead-completes-milestone-acquisition-of-first-production-assets--46568.html
<![CDATA[News - Parkmead Group reports strong results from Platypus gas field in North Sea ]]> https://www.proactiveinvestors.co.uk/companies/news/38776/parkmead-group-reports-strong-results-from-platypus-gas-field-in-north-sea-46339.html  

Parkmead Group (LON:PMG) today reported strong results from its Platypus gas appraisal well in the North Sea, which recorded a test flow rate of 27 million cubic feet of gas per day (mmcfpd).

Well 48/1a-6 was spudded in April and reached a total measured depth of 14,175 feet on June 19 having successfully drilled a 3,100 foot horizontal section within the reservoir.

A drill stem test was conducted on July 23 and the well is currently being suspended for use as a future production well.

“We will be working with our partners to move ahead with the development of the significant gas field at Platypus,” said executive chairman of Parkmead Tom Cross.

“This is a very exciting time for Parkmead as the Group's oil and gas portfolio continues to grow rapidly, giving Parkmead a balanced asset base of production, development, appraisal and exploration opportunities.”

The Dana Petroleum-operated Platypus gas field was discovered in 2010 when well 48/1a-5 encountered significant gas bearing Lower Leman Sandstone reservoir.

Parkmead holds a 15 per cent interest in the field, while Dana has a 59 per cent interest and First Oil Expro and CalEnergy Gas hold stakes of 11 and 15 per cent respectively.

 

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Thu, 02 Aug 2012 08:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/38776/parkmead-group-reports-strong-results-from-platypus-gas-field-in-north-sea-46339.html
<![CDATA[News - Parkmead Group's takeover of DEO backed by another shareholder ]]> https://www.proactiveinvestors.co.uk/companies/news/36759/parkmead-groups-takeover-of-deo-backed-by-another-shareholder-43951.html

North Sea oil group Parkmead Group (LON:PMG) has moved a step closer to completing the acquisition of DEO Petroleum, having received an irrevocable undertaking from another shareholder.

The £12.7 million all-share takeover was backed by Junior Oils Trust, which holds a 2.58 percent stake in DEO.

This means Parkmead, which is headed by Dana Petroleum founder Tom Cross, has secured irrevocable undertakings representing 61.3 percent of DEO’s shares with 75 percent needed to seal the deal.

Under the terms of the takeover, which was announced in late May when Parkmead shares traded at 14.75 pence, DEO shareholders will receive two Parkmead shares for each DEO share they hold.

The deal values the ordinary share capital of Aberdeen-based DEO at £12.7 million, or 29.5 pence per share, which represents a significant premium to the current price of 23.75 pence per share.

The takeover will give Parkmead a 52 per cent stake in the Perth oilfield development project, which is currently awaiting approval from the UK department of energy and climate change.

Following a December resource upgrade the Perth field is currently believed to contain 21.5 million barrels of recoverable oil resources. 

DEO has submitted a field development plan for a floating production, storage and offloading (FSPO) operation.

“The recently announced proposed acquisition by Parkmead will not only help DEO progress the Perth development but also to pursue other opportunities in key areas of the UK Central North Sea,” said chief executive of DEO David Marshall.

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Mon, 11 Jun 2012 08:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/36759/parkmead-groups-takeover-of-deo-backed-by-another-shareholder-43951.html
<![CDATA[News - Parkmead bid backed by major shareholder as DEO deal nears conclusion ]]> https://www.proactiveinvestors.co.uk/companies/news/36678/parkmead-bid-backed-by-major-shareholder-as-deo-deal-nears-conclusion-43854.html Parkmead Group’s (LON:PMG) deal to acquire fellow North Sea-focused junior DEO Petroleum (LON:DEO) is nearing its conclusion after a robust shareholder backing today.

RAB Energy Fund will use its 8.1 per cent stake in DEO to back Parkmead’s £12.7 million takeover bid, which was announced last week.

This means Parkmead, which is headed by Dana Petroleum founder Tom Cross, now has over 56 per cent of DEO shareholder approval (24.3 million shares) as it moves towards the 75 per cent target – the magic number at which a deal can be struck.

Based on the price of a Parkmead share of 14.75 pence, the deal values the ordinary share capital of Aberdeen-based DEO at £12.7 million and each DEO share at 29.5 pence.

This represents a significant premium to DEO’s current market price of 24.3 pence a share.

DEO shareholders will receive two Parkmead shares for each share of DEO.

Chief executive of DEO David Marshall said: “The recently announced proposed acquisition by Parkmead will not only help DEO progress the Perth development but also to pursue other opportunities in key areas of the UK Central North Sea.”

 

 

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Thu, 07 Jun 2012 13:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/36678/parkmead-bid-backed-by-major-shareholder-as-deo-deal-nears-conclusion-43854.html
<![CDATA[News - Parkmead agrees £12.7 million deal to buy DEO Petroleum ]]> https://www.proactiveinvestors.co.uk/companies/news/36343/parkmead-agrees-127-million-deal-to-buy-deo-petroleum-43430.html  

DEO Petroleum (LON:DEO) shares closed Monday’s session strongly after fellow North Sea oil firm Parkmead (LON:PMG) agreed a £12.7 million deal to buy the company.

Parkmead will issue two new shares in return for each DEO share. 

As such the share-based offer represents a take-out price of 29.5p a share, based on Parkmead’s 14.75p closing price on Friday, the company said.

The takeover will give Parkmead a 52 per cent stake in the Perth oilfield development project, which is currently awaiting approval from the UK department of energy and climate change.

Following a December resource upgrade the Perth field is currently believed to contain 21.5 million barrels of recoverable oil resources. 

DEO has submitted a field development plan for a floating production, storage and offloading (FSPO) operation. Today’s deal will boost the deliverability of the project, DEO said.

“I believe that the combination with Parkmead will improve the deliverability of the Perth project and allow both management teams to use their complementary skills to address new and exciting project opportunities,” said DEO chief executive David Marshall.

“I believe that DEO shareholders can look forward to value growth from the creation of one of the most experienced and innovative companies operating in the natural resources sector."

DEO shares shot up to a high of 26.75p in the last 10 minutes of trading on AIM, after the deal was announced. Meanwhile Parkmead shares shed 10 per cent to trade at 13p.

The takeover has been unanimously recommended by DEO’s board of directors, and Parkmead has already secured irrevocable undertakings, representing 56.3 per cent of DEO’s shares, to accept the offer. 

It is expected that the takeover can be completed by early August.

"This deal will add significant value for both Parkmead and DEO shareholders,” said Parkmead executive chairman Tom Cross.

“The enlarged group will be stronger and better positioned, with a wider base of oil and gas assets in the UK and Netherlands, spanning the whole upstream opportunity-cycle from exploration, through appraisal, development and production."

Parkmead’s senior management is made up of the core team that previously ran Dana Petroleum, before it was sold to the Korean National Oil Corporation for £1.7 billion in a hostile takeover in 2010.

 

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Mon, 28 May 2012 18:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/36343/parkmead-agrees-127-million-deal-to-buy-deo-petroleum-43430.html
<![CDATA[News - Parkmead Group: Platypus appraisal drilling underway ]]> https://www.proactiveinvestors.co.uk/companies/news/34834/parkmead-group-platypus-appraisal-drilling-underway-41566.html

North Sea focused Parkmead Group (LON:PMG) today announced that drilling has started on the Platypus appraisal well.

It has a 15 per cent stake in the Platypus gas field which is currently believed to contain up to 180 billion cubic feet of gas in place.

This new appraisal well is following up from the initial discovery well which was drilled by Dana Petroleum in 2010. The new well will be drilled horizontally and it is designed to test the deliverability of the gas discovery.

"We are delighted to report that Parkmead's first well in the North Sea has started drilling,” said chairman Tom Cross.

“The company's oil and gas portfolio is growing rapidly, with three acquisitions made in recent months, giving Parkmead a balanced asset base of production, development, appraisal and exploration opportunities."

Project operator Dana Petroleum owns a 45 per cent stake in Platypus. 

The Parkmead team is made up of the core team of senior staff that previously ran Dana Petroleum, before it was sold to the Korean National Oil Corporation in 2010.

The AIM quoted explorer acquired a 15 per cent in the project in November.

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Tue, 17 Apr 2012 08:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/34834/parkmead-group-platypus-appraisal-drilling-underway-41566.html
<![CDATA[News - Parkmead entering exciting phase of development; shares up ]]> https://www.proactiveinvestors.co.uk/companies/news/34352/parkmead-entering-exciting-phase-of-development-shares-up--40947.html Parkmead (LON:PMG) shares were up more than five per cent in early deals, as the firm, which is transforming into an exploration and production company, unveiled interim results.

The oil and gas group is now entering an important phase in its development, it said, as appraisal drilling is due to begin at the Platypus gas field early next month (April).

At the end of last year, it bought stakes in the Platypus gas field, discovered in 2010, and the Possum gas prospect and also interests in a number of blocks in the UK Southern North Sea.

Earlier this month, the rapidly growing firm snapped up its first production assets by buying  six onshore  fields in the Netherlands.

It said it would fund the €7.5 million deal through a £8.5 million placing at 14p with executive chairman, Tom Cross putting up over 40 per cent of the money.

Cross said today the six months to December 31 had seen the delivery of strong commercial activity for the company with the acquisition of assets well known to the Parkmead team in the UK North Sea.

"As we enter the second half of the financial year we have continued this momentum with the acquisition of the company's first producing assets in the Netherlands, a very important milestone for the group.

"In addition, Parkmead's technical team is well advanced with a number of applications for the ongoing UKCS 27th licencing round."

He added that during 2011, the group had invested in recruiting exploration and production specialists to deliver its growth plans and secured an £8 million shareholder loan facility in November, while the recent placing positioned the group very well.
 
"Parkmead is now entering an exciting phase of its development, with near term appraisal drilling at the Platypus gas field and exploration drilling at the Pharos gas prospect.

"In particular, the ENSCO 80 drilling rig is due to spud at the Platypus gas field, located in the Southern North Sea, in early April 2012."

The firm posted a pre-tax loss of £2.64 million in the period (2010: pre-tax loss: £410,283) on revenues of £1.33 million (2010: £2.11 mln).

As at 9.05 am, the firm's shares were up 5.13 per cent, at 20.50 pence.

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Fri, 30 Mar 2012 09:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/34352/parkmead-entering-exciting-phase-of-development-shares-up--40947.html
<![CDATA[News - Parkmead snaps up Dutch onshore production assets ]]> https://www.proactiveinvestors.co.uk/companies/news/33563/parkmead-snaps-up-dutch-onshore-production-assets-39995.html  

Fast growing oil and gas group Parkmead (LON:PMG) has snapped up its first production assets with the purchase of six onshore fields in the Netherlands.

Parkmead will fund the €7.5 million deal through a £8.5 million placing at 14p with executive chairman Tom Cross putting up over 40 per cent of the money.

His stake in the company will rise to 28.9 per cent following the placing.

Cross said: “My commitment to Parkmead is highlighted by my intention to participate in the placing, which is in addition to the loan that I have already given to the company and reflects my belief in the future opportunities that exist for Parkmead.”

He and Parkmead’s other senior managers were previously at Dana Petroleum before it was sold to the Korean National Oil Corporation.

At the end of last year, it acquired stakes in the Platypus gas field, discovered in 2010, and the Possum gas prospect and also interests in a number of blocks in the UK Southern North Sea.

Parkmead is buying the Dutch licences from Dyas, They  comprise a 15 per cent stake in two producing gas fields at Wijk en Aalburg and Brakel, as well as the Ottoland oil field development.

Parkmead is also acquiring a 15 per cent interest in the Papekop production licence and a 15 per cent stake in Drenthe III and Drenthe IV, which includes the producing Geesbrug and Grolloo gas fields.

The assets in total are producing at a rate of approximately 2,000 boepd, with 300 boepd net to Parkmead, while Ottoland is forecast to come on stream in late 2012 or early 2013.

Cross added: "Parkmead is making excellent progress. This is our third acquisition in the last four months. In addition, we expect to start drilling our first well in the North Sea, at Platypus, this month and we are also far advanced with a number of applications for the ongoing UKCS 27th Licensing Round."

Northern Petroleum (LON:NOP) is the operator of the licences in the Netherlands. 

 

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Thu, 08 Mar 2012 16:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/33563/parkmead-snaps-up-dutch-onshore-production-assets-39995.html
<![CDATA[News - Parkmead Group acquires 20pct stakes in four North Sea blocks ]]> https://www.proactiveinvestors.co.uk/companies/news/33137/parkmead-group-acquires-20pct-stakes-in-four-north-sea-blocks-39460.html Parkmead Group (LON:PMG) has acquired 20 percent stakes in four blocks in the UK Southern North Sea, which contain several significant exploration targets.

The blocks host a number of targets including the large Pharos gas prospect, which Parkmead expects to drill later this year or early in 2013, following the next well at Platypus which is due to spud within the next few weeks.

In addition, the projects, which are located between the producing Amethyst, Ravenspurn, West Sole and Hyde Fields,  contain the 47/10-8 gas discovery.

They are also adjacent to Blocks 48/1a, 47/5b and 48/1c recently acquired by Parkmead and holding the Platypus field and the Possum prospect.

“We are pleased to have secured stakes in these attractive licence areas, which are in close proximity to our interests in the Platypus gas field and the Possum prospect,” said executive chairman of Parkmead Tom Cross.

According to Parkmead, a Pharos discovery could be jointly developed with the Platypus field, which would significantly increase the economic value of all three accumulations at Platypus, Possum and Pharos.

The company noted that the historical drilling success rate within this play has been very good

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Mon, 27 Feb 2012 09:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/33137/parkmead-group-acquires-20pct-stakes-in-four-north-sea-blocks-39460.html
<![CDATA[News - Parkmead expands North Sea portfolio with Pharos gas prospect stake acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/31043/parkmead-expands-north-sea-portfolio-with-pharos-gas-prospect-stake-acquisition-37113.html  

The Parkmead Group (LON:PMG) today unveiled its latest acquisition as it continues to build its North Sea oil business.

It is buying a 20 per cent stake in each of four licence blocks, which contain the large Pharos gas prospect and several significant additional exploration targets. The transaction follows last month’s deal to acquire interests in the nearby Platypus gas field and Possum gas prospect.

Dana Petroleum, a business which was built and sold by the same executives behind Parkmead, is the largest stakeholder in the four newly acquired licence blocks. Parkmead is buying the 20 per cent interest in the assets from Dana’s joint venture partner Sorgenia E&P (UK) Ltd. 

Parkmead says today’s deal highlights its strategy of investing in North Sea fields and blocks where the group's technical and commercial teams have an extensive working knowledge of the assets. 

"We are delighted to be gaining stakes in these attractive licence areas, which are in close proximity to our interests in the Platypus gas field and the Possum prospect,” said chairman Tom Cross.

“These four blocks contain a number of targets, including the large Pharos prospect which we expect to drill later in 2012, following the next well being drilled at Platypus in 1Q 2012."

The company said that the licences areas are because the licence areas are adjacent to Blocks 48/1a, 47/5b and 48/1c, which host the Platypus and Possum assets, any discovery at the Pharos prospect could be jointly developed with the Platypus field.

This would significantly increase the economic value of all three accumulations at Platypus, Possum and Pharos, it said.

The Parkmead team is made up of the core team of senior staff that previously ran Dana Petroleum, before it was sold to the Korean National Oil Corporation last year.

 

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Mon, 19 Dec 2011 10:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/31043/parkmead-expands-north-sea-portfolio-with-pharos-gas-prospect-stake-acquisition-37113.html
<![CDATA[News - Parkmead Group well positioned to capitalise on strategic opportunities ]]> https://www.proactiveinvestors.co.uk/companies/news/30215/parkmead-group-well-positioned-to-capitalise-on-strategic-opportunities-36120.html The Parkmead Group (LON:PMG) is fully funded for future drilling and is well positioned to capitalise on strategic opportunities, it told investors today as it released its full year results.

The company is looking to build a "significant" new oil and gas firm and this month completed its first acquisition in the UK North Sea - of a stake in the Platypus gas field and Possum gas prospect offering near term drilling and significant upside potential.

It has also secured a flexible shareholder loan of £8 million to ensure future funding.

In the year to June 30, the firm's revenue increased 58 per cent to £3.7 million compared to £2.4 million in 2010 - thanks to the performance of the firm's wholly owned subsidiary Aupec, which it bought in November 2009.

The operating loss for the year was £3.6 million (2010: £1.5 million) while the loss after tax was £3.6 million compared to a loss of £1.5 million in 2010.

As at June 30, the firm had a cash balances of £1.3 million (2010: £291,869.

Executive chairman Tom Cross said: "I am pleased to report on Parkmead's improved operating capability for the year to June 30 2011. The group's turnover and gross profit both increased substantially and net assets have also increased.

"We remain focused on the pursuit of value-adding acquisitions, at both asset and corporate levels, in line with the group's strategy.

"The board is pleased to be able to report that our first asset transaction in our core target market was completed earlier this month. In addition, the group is now fully funded for its forward programme of drilling activities and is well positioned to capitalise on further strategic opportunities."

On November 15, the firm announced the deal to acquire the interest in a North Sea gas field from ExxonMobil. It is acquiring a 15 per cent stake in North Sea blocks 48/1a, 47/5b and 48/1c. Hosted on these blocks are the Platypus gas field and Possum gas prospect.

Dana Petroleum is the operator and the major stakeholder of these blocks with a 45 per cent interest.

The Parkmead team is made up of the core team of senior staff that previously ran Dana Petroleum, before it was sold to the Korean National Oil Corporation last year.

The Platypus Rotliegendes gas accumulation was discovered by Dana in 2010. The discovery well, 48/1a-5l, encountered 218 feet of gas bearing sands.

The field has the potential to contain up to 180 billion cubic feet of gas in place, Parkmead has said.

In 2010 Dana suspended the 48/1a-5 well for potential re-entry and future use as a gas production well.

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Fri, 25 Nov 2011 08:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/30215/parkmead-group-well-positioned-to-capitalise-on-strategic-opportunities-36120.html
<![CDATA[News - Parkmead Group acquires stake in Platypus and Possum North Sea gas assets ]]> https://www.proactiveinvestors.co.uk/companies/news/29791/parkmead-group-acquires-stake-in-platypus-and-possum-north-sea-gas-assets-35618.html The Parkmead Group (LON:PMG) today announced a deal to acquire an interest in a North Sea gas field from ExxonMobil.

It is acquiring a 15 per cent stake in North Sea blocks 48/1a, 47/5b and 48/1c. Hosted on these blocks are the Platypus gas field and Possum gas prospect.

Dana Petroleum is the operator and the major stakeholder of these blocks with a 45 per cent interest. As such the Parkmead team is very familiar with the assets.

The Parkmead team is made up of the core team of senior staff that previously ran Dana Petroleum, before it was sold to the Korean National Oil Corporation last year.

“This acquisition marks an important step in Parkmead's first stage of its development to become a significant new independent oil and gas company,” the company said.

“The Parkmead technical and commercial teams have a long history and detailed knowledge of these assets and therefore these blocks are an ideal fit for the group's growth strategy.”

The Platypus Rotliegendes gas accumulation was discovered by Dana in 2010. The discovery well, 48/1a-5l, encountered 218 feet of gas bearing sands.

The field has the potential to contain up to 180 billion cubic feet of gas in place, Parkmead said.

In 2010 Dana suspended the 48/1a-5 well for potential re-entry and future use as a gas production well.

The Possum is also a Rotliegendes gas prospect and it is immediately adjacent to the Platypus field. It has an estimated resource of approximately 100 billion cubic feet of gas in place.

Dana has secured a rig to drill the Platypus / Possum complex in the first quarter of next year, Parkmead said.

The well will be drilled horizontally through the Rotliegendes gas reservoir. It is designed to confirm deliverability from the field and it is expected to be retained for use as a gas producer.

"The Platypus and Possum areas are a valuable addition to Parkmead,” said chairman Tom Cross.

“We know the geotechnical aspects of these blocks intimately and believe they contain the potential for significant upside."

To support the transaction and the ongoing development of the newly acquired assets Tom Cross has loaned the company £8 million.

The two year loan will carry an interest rate of 2.5 per cent above LIBOR, and it will be secured by a standard floating charge provided by the group, Parkmead said.

Cross is beneficially interested in shares representing 27.85 per cent of the company.

"Parkmead is delighted to have secured this loan on flexible and competitive terms, which ensures that the Group is more than fully funded for its forward programme of acquisitions and associated drilling activities," said chief financial officer Donald MacKay.

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Tue, 15 Nov 2011 08:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/29791/parkmead-group-acquires-stake-in-platypus-and-possum-north-sea-gas-assets-35618.html
<![CDATA[News - Parkmead and DEO announce UK Central North Sea tie-up ]]> https://www.proactiveinvestors.co.uk/companies/news/23586/parkmead-and-deo-announce-uk-central-north-sea-tie-up-28158.html  

The Parkmead Group (LON:PMG) announced a new tie-up with DEO Petroleum (LON:DEO) to bid for new licences and look at potential acquisitions in the UK Central North Sea.

Parkmead is run by a group of experienced senior oil executives who were part of the core team responsible for building the Dana Petroleum business, which was bought by the Korean National Oil Corporation in a £1.7 billion hostile takeover last year.

This morning it told investors that it has signed a strategic alliance agreement which envisages a 50:50 partnership that will initially last until December 2013.

"This strategic partnership is a win-win for both companies and we are very pleased to be working with DEO, whose core skills are entirely complementary to Parkmead's,” said Tom Cross, Parkmead’s chairman.

“Our combined teams share a deep understanding of the North Sea and this collaboration will allow both companies to create and accelerate significant value for our respective shareholders."

The partner’s plan to bid for new licences in the anticipated UKCS 27th Licensing Round – the timing of which has yet to be confirmed by the UK Department of Energy and Climate Change (DECC), but it is anticipated to be in 2012. 

They also plan to look at joint acquisition opportunities. 

Parkmead will be the ‘exploration operator’ for the partnership during the application, bidding and exploration phases and if a commercial discovery is made DEO will take the reins as the ‘development operator’.

“The strategic partnership offers DEO the opportunity to expand into areas beyond our core Perth assets, where our existing relationships are strong and unchanged,” DEO chief executive David Marshall said. 

“The Parkmead Group has an outstanding team of industry professionals with a proven track record of identifying excellent exploration and appraisal targets.”

Marshall added:  “DEO's core expertise in development and production makes this a very strong joint venture grouping; together we can bring the full range of skills to the life cycle of prospective oil and gas assets."

 

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Thu, 12 May 2011 09:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/23586/parkmead-and-deo-announce-uk-central-north-sea-tie-up-28158.html
<![CDATA[News - Parkmead says it has ‘all the key skills needed’ to build major oil company ]]> https://www.proactiveinvestors.co.uk/companies/news/21942/parkmead-says-it-has-all-the-key-skills-needed-to-build-major-oil-company-26168.html Parkmead Group (LON:PMG) has hired a core team of senior staff from Dana Petroleum which was sold to the Korean National Oil Corporation last year.

The company said that, along with its recent additions to the board, it now has ‘all the key skills needed’ to build a significant new independent oil and gas company.

"This is an exciting time in the oil business,” said chairman Tom Cross.

“Parkmead now has an exceptional platform for growth with a highly experienced, motivated and focused team, who share a proven track record of creating value for shareholders."

Dr Colin Percival has joined the company as group exploration manager. Percival was previously UK Exploration Manager at Dana, he has also held senior positions at BP (LON:BP).

Dana’s most senior economist Shona Kiloh has joined Parkmead as its new chief economist, Julie Forsyth joins as the group’s new legal manager while Kathryn Ramsay will take the dual role of business development manager and investor relations.

In December Dana’s former non-executive directors Philip Dayer and Iain Rawlinson joined the Parkmead board, which already comprised of Tom Cross as executive chairman, Niall Doran as chief executive, Donald Mackay as chief financial officer and Kevin Holley as financial Controller. 

 

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Tue, 08 Mar 2011 09:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/21942/parkmead-says-it-has-all-the-key-skills-needed-to-build-major-oil-company-26168.html
<![CDATA[RNS press release - Parkmead Group (The) - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080616T10303964888367478714/ Mon, 16 Jun 2008 10:30:39 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080616T10303964888367478714/ <![CDATA[RNS press release - Parkmead Group (The) - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080612T07055564888367008352/ Thu, 12 Jun 2008 07:05:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080612T07055564888367008352/ <![CDATA[RNS press release - Parkmead Group (The) - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080612T07024764888367008264/ Thu, 12 Jun 2008 07:02:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080612T07024764888367008264/ <![CDATA[RNS press release - Parkmead Group (The) - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080211T11572459886876536478/ Mon, 11 Feb 2008 11:57:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080211T11572459886876536478/ <![CDATA[RNS press release - Parkmead Group (The) - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080208T07013559596966247125/ Fri, 08 Feb 2008 07:01:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20080208T07013559596966247125/ <![CDATA[RNS press release - Parkmead Group (The) - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071221T15555557266946482350/ Fri, 21 Dec 2007 15:55:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071221T15555557266946482350/ <![CDATA[RNS press release - Parkmead Group (The) - Investment ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071130T07105253878218007982/ Fri, 30 Nov 2007 07:10:52 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071130T07105253878218007982/ <![CDATA[RNS press release - Parkmead Group (The) - Audited Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071130T07022053878218007772/ Fri, 30 Nov 2007 07:02:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071130T07022053878218007772/ <![CDATA[RNS press release - Parkmead Group (The) - Disposal ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071108T15583152587579956090/ Thu, 08 Nov 2007 15:58:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20071108T15583152587579956090/ <![CDATA[RNS press release - Parkmead Group (The) - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070927T14025950912542363777/ Thu, 27 Sep 2007 14:02:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070927T14025950912542363777/ <![CDATA[RNS press release - Parkmead Group (The) - AIM Rule 26 Information ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070815T18214348500918455826/ Wed, 15 Aug 2007 18:21:43 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070815T18214348500918455826/ <![CDATA[RNS press release - Parkmead Group (The) - Change of Adviser ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070810T07024948500918239836/ Fri, 10 Aug 2007 07:02:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070810T07024948500918239836/ <![CDATA[RNS press release - Parkmead Group (The) - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070713T16033746868830626463/ Fri, 13 Jul 2007 16:03:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070713T16033746868830626463/ <![CDATA[RNS press release - Parkmead Group (The) - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070629T08005846059229298339/ Fri, 29 Jun 2007 08:00:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070629T08005846059229298339/ <![CDATA[RNS press release - Parkmead Group (The) - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070604T12332244770739247641/ Mon, 04 Jun 2007 12:33:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070604T12332244770739247641/ <![CDATA[RNS press release - Parkmead Group (The) - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070321T07040940849433957013/ Wed, 21 Mar 2007 07:04:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070321T07040940849433957013/ <![CDATA[RNS press release - Parkmead Group (The) - Disposal ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070220T07021239515846815068/ Tue, 20 Feb 2007 07:02:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070220T07021239515846815068/ <![CDATA[RNS press release - Parkmead Group (The) - Disposal ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070202T08150839215198921481/ Fri, 02 Feb 2007 08:15:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE_0000_20070202T08150839215198921481/