Parkmead Group (The) PLC New Gas Discovery in the Netherlands (4490M)
12 January 2023 - 6:00PM
UK Regulatory
TIDMPMG
RNS Number : 4490M
Parkmead Group (The) PLC
12 January 2023
12 January 2023
The Parkmead Group plc
("Parkmead", the "Group" or the "Company")
New Gas Discovery in the Netherlands
Parkmead, the independent energy group, is pleased to announce
the completion of drilling activities at the LDS-01 well in the
Netherlands which has encountered gas columns in the primary target
horizons. The well has been completed and is now ready for tie-in
to production, which will follow the conclusion of the LDS-02
well.
The LDS-01 well was the first of the two-well campaign on the
Drenthe VI concession targeting several onshore gas prospects. This
first well was drilled to a depth of 2225m TVDSS, successfully
encountering gas at multiple intervals.
The Drilltec Synergy 2 rig has subsequently spudded the LDS-02
well.
Tom Cross, Executive Chairman, commented:
"We are delighted to announce a gas discovery from the first
well of the two-well LDS drilling campaign. The immediate proximity
to production infrastructure allows for an extremely short tie-in
period, and we expect first gas to be onstream within the first
quarter of this year. This will provide Parkmead with immediate net
production and cashflow.
The discovery at LDS-01 significantly de-risks follow-on
prospects that the LDS-02 well is targeting on the Drenthe VI
concession.
Parkmead's assets in the Netherlands continue to yield
additional gas discoveries and so enhance production from this
prolific onshore region. Parkmead's existing onshore gas fields are
performing exceptionally well, with very low operating costs of
less than $9 per barrel equivalent due to astute financial and
operational discipline."
For enquiries please contact:
The Parkmead Group plc +44 (0) 1224 622200
Tom Cross (Executive Chairman)
Henry Steward (Group Commercial Manager)
finnCap Ltd (NOMAD and Broker to Parkmead) +44 (0) 20 7220 0500
Marc Milmo / Seamus Fricker - Corporate
Finance
Andrew Burdis / Barney Hayward - ECM
About Parkmead
The Parkmead Group is a UK and Netherlands focused independent
energy group listed on AIM of the London Stock Exchange (AIM: PMG).
The Group produces natural gas from a portfolio of four fields
across the Netherlands and holds significant additional oil and gas
interests across the UK and Dutch sectors. Parkmead also 100% owns
and operates the Kempstone Hill wind energy company, producing
electricity direct to the UK grid. This is in addition to a range
of complementary renewable energy opportunities throughout the
Group.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com
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END
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