https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 15 Oct 2018 13:40:47 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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[RNS press release - Parkmead awarded nine new UK oil and gas blocks ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180524070014_13653183/ Thu, 24 May 2018 07:00:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180524070014_13653183/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180417164043_13608160/ Tue, 17 Apr 2018 16:40:43 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180417164043_13608160/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180417163519_13608149/ Tue, 17 Apr 2018 16:35:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180417163519_13608149/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180329070010_13585987/ Thu, 29 Mar 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180329070010_13585987/ <![CDATA[RNS press release - Further re related party transaction ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180322175649_13578262/ Thu, 22 Mar 2018 17:56:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180322175649_13578262/ <![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[RNS press release - Parkmead increases stake in major oil project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180207070003_13524040/ Wed, 07 Feb 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180207070003_13524040/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180105161907_13487430/ Fri, 05 Jan 2018 16:19:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20180105161907_13487430/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20171220103935_13472500/ Wed, 20 Dec 2017 10:39:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20171220103935_13472500/ <![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[RNS press release - Preliminary Results Statement 2017 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20171117070005_13434949/ Fri, 17 Nov 2017 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20171117070005_13434949/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170915175704_13365207/ Fri, 15 Sep 2017 17:57:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170915175704_13365207/ <![CDATA[RNS press release - Parkmead completes important UK gas acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170809070004_13323627/ Wed, 09 Aug 2017 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170809070004_13323627/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170804164022_13320506/ Fri, 04 Aug 2017 16:40:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170804164022_13320506/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170804163518_13320500/ Fri, 04 Aug 2017 16:35:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170804163518_13320500/ <![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[RNS press release - Parkmead acquisition doubles its stake ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170510070010_13220013/ Wed, 10 May 2017 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170510070010_13220013/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170404133007_13183298/ Tue, 04 Apr 2017 13:30:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170404133007_13183298/ <![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[RNS press release - Parkmead increases stake in West of Shetland area ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170404070010_13182189/ Tue, 04 Apr 2017 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170404070010_13182189/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170329120726_13175787/ Wed, 29 Mar 2017 12:07:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170329120726_13175787/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170329120228_13175785/ Wed, 29 Mar 2017 12:02:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170329120228_13175785/ <![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[RNS press release - Interim Results for period ended 31 December 2016 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170324070008_13169960/ Fri, 24 Mar 2017 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20170324070008_13169960/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20161221103121_013074741/ Wed, 21 Dec 2016 10:31:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20161221103121_013074741/ <![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[RNS press release - Preliminary Results Statement 2016 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20161118070007_013039326/ Fri, 18 Nov 2016 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20161118070007_013039326/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20161007150856_012994140/ Fri, 07 Oct 2016 15:08:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20161007150856_012994140/ <![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[RNS press release - Parkmead increases stake in major oil project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160914070013_012965050/ Wed, 14 Sep 2016 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160914070013_012965050/ <![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[RNS press release - Parkmead doubles its stake in two UK oil fields ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160810070008_012925418/ Wed, 10 Aug 2016 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160810070008_012925418/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160729154038_012912529/ Fri, 29 Jul 2016 15:40:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160729154038_012912529/ <![CDATA[RNS press release - Change of Registrar ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160725143647_012905165/ Mon, 25 Jul 2016 14:36:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160725143647_012905165/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160704173836_012879796/ Mon, 04 Jul 2016 17:38:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160704173836_012879796/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160630164018_012875510/ Thu, 30 Jun 2016 16:40:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160630164018_012875510/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160630163514_012875496/ Thu, 30 Jun 2016 16:35:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160630163514_012875496/ <![CDATA[RNS press release - Interim Results for period ended 31 December 2015 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160324070011_012750591/ Thu, 24 Mar 2016 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160324070011_012750591/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160224163524_012711489/ Wed, 24 Feb 2016 16:35:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160224163524_012711489/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160129121706_012679089/ Fri, 29 Jan 2016 12:17:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160129121706_012679089/ <![CDATA[RNS press release - Blocklisting Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160122110010_012669868/ Fri, 22 Jan 2016 11:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20160122110010_012669868/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151230164038_012641622/ Wed, 30 Dec 2015 16:40:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151230164038_012641622/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151230163524_012641615/ Wed, 30 Dec 2015 16:35:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151230163524_012641615/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151221104707_012631770/ Mon, 21 Dec 2015 10:47:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151221104707_012631770/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151130150300_012602974/ Mon, 30 Nov 2015 15:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151130150300_012602974/ <![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[RNS press release - Parkmead Preliminary Results Statement 2015 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151120070101_012590352/ Fri, 20 Nov 2015 07:01:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151120070101_012590352/ <![CDATA[RNS press release - First Gas Production From Diever West ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151120070008_012590334/ Fri, 20 Nov 2015 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151120070008_012590334/ <![CDATA[RNS press release - Change of Adviser ]]> https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151013163004_012538261/ Tue, 13 Oct 2015 16:30:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3633/LSE20151013163004_012538261/