Parkmead Group (The) PLC Result of AGM (4781S)

TIDMPMG

RNS Number : 4781S

Parkmead Group (The) PLC

21 December 2016

21 December 2016

The Parkmead Group plc

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

Result of Annual General Meeting

The Board of Parkmead is pleased to announce that at the Company's Annual General Meeting, held earlier today, all resolutions proposed were duly passed unanimously by shareholders.

Enquiries:

 
 The Parkmead Group plc         [phone] 
 Tom Cross (Executive 
  Chairman) 
 Ryan Stroulger (Chief 
  Financial Officer) 
 
 Panmure Gordon (UK) Limited 
  (Financial Adviser, NOMAD 
  and Corporate Broker 
  to Parkmead)                  [phone] 
 Adam James 
 James Greenwood 
 
 Instinctif Partners Limited 
  (PR Adviser to Parkmead)      [phone] 
 David Simonson 
 George Yeomans 
 

Notes to Editors:

1. Dr Colin Percival, Parkmead's Technical Director, who holds a First Class Honours Degree in Geology and a PhD in Sedimentology and has over 30 years of experience in the oil and gas industry, has reviewed and approved the technical information contained in this announcement. Parkmead's evaluation of reserves and resources was prepared in accordance with the 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers and reviewed and jointly sponsored by the World Petroleum Council, the American Association of Petroleum Geologists and the Society of Petroleum Evaluation Engineers.

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

3. In November 2011, Parkmead completed the acquisition of stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus gas field and the Possum gas prospect. Mapping indicates the potential for Platypus and Possum to contain up to 180 and 100 billion cubic feet of gas in place, respectively.

4. In December 2011, Parkmead agreed to acquire stakes in blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which contained the Pharos gas prospect. These two gas-basin acquisitions were important steps in the first stage of Parkmead's development as a new independent energy company.

5. In March 2012, Parkmead agreed to acquire a portfolio of Netherlands onshore assets comprising four producing gas fields and two oil fields from Dyas B.V. This acquisition provided the Group with its first producing fields and with future oil developments at Ottoland and Papekop. This acquisition completed in August 2012.

6. In May 2012, Parkmead launched its recommended acquisition of DEO Petroleum plc. As a result, Parkmead now owns 52% and is operator of the UKCS Perth oil field

7. In October 2012, Parkmead was awarded several new licences under the UKCS 27(th) Licensing Round. The six new licences comprise interests in a total of 25 offshore blocks or partial blocks across the Central North Sea, West of Scotland and West of Shetland.

8. In July 2013, Parkmead completed its recommended offer for Lochard Energy Group plc. This gave Parkmead a 10% interest in the producing Athena oil field.

9. In December 2013, in the second tranche of the UKCS 27(th) Licensing Round, Parkmead was awarded a further five UK blocks through two new licences in the UK Southern North Sea. That made a total award to Parkmead of 30 UK blocks across eight licences in the UKCS 27(th) Licensing Round.

10. In January 2014, Parkmead completed a successful oversubscribed placing raising US$66.0 million which provided the Company with increased financial firepower and balance sheet strength.

11. In April 2014, Parkmead completed the acquisition of a 20 per cent. interest in the Athena oil field from EWE VERTRIEB GmbH, trebling Parkmead's interest in the Athena oil field to 30 per cent.

12. In September 2014, Parkmead discovered a new gas field onshore the Netherlands at Diever West.

13. In November 2014, Parkmead was awarded six new licences in the UKCS 28(th) Licensing Round, all as operator. The six new licences comprise interests in a total of nine offshore blocks located in the Central and Southern North Sea.

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

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

16. In November 2015, Parkmead achieved first commercial gas production from the Diever West gas field in the Netherlands. Parkmead worked closely with its joint-venture partners on the fast-track development of Diever West, and the partnership successfully brought the field onstream within just 14 months of discovery.

17. In August 2016, Parkmead increased its stake in the Polecat and Marten oil fields in the UK Central North Sea. The Polecat and Marten fields are located in Blocks 20/3c & 20/4a within Licence P.2218 and Parkmead now operates the licence with 100% equity.

18. In September 2016, Parkmead increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea. The Perth and Dolphin fields are located across Blocks 15/21a, b, c and f & 14/25a in Licences P.218, P.588 and P.2154. Through this growth step, Parkmead increased its equity in these licences to 60.05%.

19. Through its wholly owned subsidiary, Aupec Limited, The Parkmead Group provides petroleum benchmarking and economics expertise to a wide range of government bodies and international oil and gas companies. Aupec has to date worked with over 100 governments, national oil companies, majors and independents across the world, as well as a number of multi-national agencies such as the European Commission and the World Bank. Aupec is currently undertaking an important benchmarking project for a group of the world's largest super-major oil companies.

For further information please refer to Parkmead's website at www.parkmeadgroup.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 21, 2016 05:31 ET (10:31 GMT)