TIDMPMG

RNS Number : 5068X

Parkmead Group (The) PLC

19 December 2019

19 December 2019

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             +44 (0) 1224 622200 
 Tom Cross (Executive Chairman) 
 Ryan Stroulger (Chief Financial 
  Officer) 
 
 Arden Partners plc (Financial 
  Adviser, NOMAD and Corporate 
  Broker to Parkmead)               +44 (0) 20 7614 5900 
 Ciaran Walsh 
 Tim Dainton 
 
 Instinctif Partners Limited 
  (PR Adviser to Parkmead)          +44 (0) 20 7457 2020 
 Mark Garraway 
  Sarah Hourahane 
  Dinara Shikhametova

Notes to Editors:

1. Parkmead is an independent energy group that is listed on AIM on the London Stock Exchange (symbol: PMG). Parkmead is focused on growth in the oil and gas upstream and renewable energy sectors, targeting transactions at both asset and corporate level.

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

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

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

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

6. In January 2018, Parkmead significantly increased its equity in the Greater Perth Area oil hub project from 60.05% to 100%. The Group also announced that it had signed an agreement with Nexen Petroleum, a subsidiary of China National Oil Corporation (CNOOC), to conduct a detailed engineering study in relation to the potential subsea tieback of the Greater Perth Area project to the Scott platform and associated facilities in the UK Central North Sea.

7. In May 2018, Parkmead was provisionally awarded nine offshore blocks and part blocks spanning five new licences in the UK 30th Licensing Round.

8. In August 2019, Parkmead announced expansion into the renewable energy sector by signing a share purchase agreement to acquire the entire issued share capital of Pitreadie Farm Limited, a company owning extensive farmland and sites with significant renewable energy potential.

9. In October 2019, Parkmead announced that a draft Field Development Plan ("FDP") and Environmental Statement ("ES") for the Platypus gas project had been submitted to the Oil and Gas Authority ("OGA") and the Offshore Petroleum Regulator for Environment and Decommissioning ("OPRED"). Parkmead's equity in the project is 15%.

10. 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 energy 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 and gas companies.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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December 19, 2019 06:25 ET (11:25 GMT)

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