Corporate Update

RNS Number : 8494V

Parkmead Group (The) PLC

09 November 2010

 



9 November, 2010

THE PARKMEAD GROUP PLC

("Parkmead" or the "Group")

Corporate Update

Further to the announcement of 20 October 2010 the Board of Directors of Parkmead reports that, as planned, Mr Colin Goodall retired as Chairman, effective yesterday and Mr Tom Cross has taken up the post of Executive Chairman of the Group with effect from today.  

The Board is also pleased to report that the Group has become a member of BRINDEX, the Association of British Independent Oil Exploration Companies, which supports British independent exploration and production companies in maintaining a powerful and effective UK based oil and gas industry.

Tom Cross, Executive Chairman of Parkmead commented:

"I would like to thank Colin for the important role he has played in positioning Parkmead. This platform is key as we look to grow from the current investment and advisory business and build upon this with a portfolio of exploration and production assets.  With this strategy in mind, Parkmead has now become a member company of BRINDEX, the oil industry association that for over three decades has helped to develop a strong group of independent UK oil and gas companies, which together currently work in the UK and across some 56 countries worldwide."

9 November, 2010

For further information:

The Parkmead Group plc                          0845 604 8806

Tom Cross, Chairman

Niall Doran, CEO

Donald MacKay, CFO

Charles Stanley Securities                      0207 149 6000

Nominated Adviser & Broker

Marc Milmo/Carl Holmes

College Hill Associates                            020 7457 2020

Nick Elwes

Notes to Editors:

The Parkmead Group plc (the "Group") is an independent specialist oil and gas investment and advisory company that is listed on AIM on the London Stock Exchange (symbol: PMG).

The Group's primary investment focus is in the oil and gas exploration and production sector at both the asset and corporate levels.

Over the last year, the Group's capabilities have been significantly enhanced through the acquisition and integration of Aupec Limited ("Aupec").  As a result, going forward the enlarged Group plans to actively pursue investment and advisory opportunities throughout the North Sea, Africa and in the Middle East using the combined capabilities of Aupec and Parkmead.

Through its now wholly owned subsidiary, Aupec, the Group provides petroleum economics, benchmarking and valuation 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 most eminent super-majors, including ExxonMobil, Shell, BP, Total, ConocoPhillips and Chevron.

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

 

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