TIDMPMG
RNS Number : 6797I
Parkmead Group (The) PLC
22 March 2018
22 March 2018
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Further information regarding related party transaction
Parkmead, the UK and Netherlands focused independent oil and gas
group, is providing further information on the related party
transaction which was previously reported on page 70 of its Annual
Report and Accounts for the year ended 30 June 2017.
On 27 July 2017, The Parkmead Group plc entered into a credit
facility with Energy Management Associates Limited, whereby
Parkmead agreed to lend up to GBP2,900,000 to Energy Management
Associates Limited (the "Facility").
During the tenure of this Facility, until it expires on or
before 26 July 2019, The Parkmead Group plc has been granted an
exclusive option to join Energy Management Associates Limited in
new ventures being evaluated by the company, including, inter alia,
potential opportunities relating to renewable energies.
The Facility has a tenor of two years, with a fixed interest
rate of 2.5 per cent. and is fully secured over assets held within
Energy Management Associates Limited. Energy Management Associates
Limited is a company where T P Cross is a director and a
shareholder.
As at 31 December 2017, GBP1,700,000 in aggregate had been lent
to Energy Management Associates Limited by The Parkmead Group plc
and is currently fully drawn.
At the time of the approval of the Facility, the Directors not
connected to T P Cross considered that the terms of the Facility
were fair and reasonable insofar as the Company's shareholders were
concerned. The Facility was disclosed via the Annual Report and
Accounts but was not notified separately pursuant to AIM Rule 13.
On any future such transactions to which AIM Rule 13 applies, the
Company, having consulted with its Nominated Advisor, will make the
required separate AIM Rule 13 notification.
Enquiries:
The Parkmead Group plc
Tom Cross (Executive Chairman) +44 (0) 1224 622200
Ryan Stroulger (Chief Financial
Officer) +44 (0) 1224 622200
Panmure Gordon (UK) Limited
(Financial Adviser, NOMAD
and Corporate Broker to Parkmead)
Adam James +44 (0) 20 7886 2500
Atholl Tweedie +44 (0) 20 7886 2500
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
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 35 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 May 2015, Parkmead completed a successful placing raising
US$21.1 million to accelerate opportunities.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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%.
9. 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.
10. In February 2018, Parkmead increased its stake in the Perth
and Dolphin oil fields to 100% and signed an agreement with Nexen
Petroleum, subsidiary of China National Oil Corporation (CNOOC), to
study the potential tie-back of the Greater Perth area project to
the Nexen-operated Scott platform and associated facilities in the
UK Central North Sea.
11. 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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