Result of EGM

RNS Number : 2577V

Parkmead Group (The) PLC

10 January 2013

 



THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, NEW ZEALAND, THE REPUBLIC OF IRELAND OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

10 January 2013

THE PARKMEAD GROUP PLC

("Parkmead" or the "Company")

Result of General Meeting

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

The resolutions that were passed were specifically to authorise the issue of the 157,755,101 new Ordinary Shares being issued pursuant to the Placing and the issue of the Conversion Shares, announced on 18 December 2012, providing Parkmead with £19.925 million of financing.

Application has been made for the 157,755,101 Placing Shares and Conversion Shares to be admitted to trading on AIM and Admission will take place at 08.00 a.m. on 11 January 2013. The Placing Shares and the Conversion Shares will rank pari passu with the Existing Ordinary Shares of the Company. Following Admission, the total issued share capital of the Company will be 919,394,108 Ordinary Shares.

Tom Cross, Executive Chairman of Parkmead, commented:

"Parkmead is delighted with the support that the Company has received from a number of high quality institutional investors in this fundraising. This important new financing has placed Parkmead in a very strong position and enables it to exploit the significant opportunities that exist within its current asset portfolio. The Board is looking forward to continuing the progress made over the last 12 months and considers the outlook for 2013 to be very positive."   

For enquiries please contact:

The Parkmead Group plc                                    01224 622200

Tom Cross, Executive Chairman                             [e-mail]

Donald MacKay, Chief Financial Officer                    [e-mail]

Kathryn Ramsay, Investor Relations                        [e-mail]

Charles Stanley Securities                                 020 7149 6000

Nominated Adviser & Broker

Marc Milmo / Carl Holmes

College Hill                                                           020 7457 2020

Matthew Tyler

Alexandra Roper

Notes to Editors: 

1.   Parkmead is an independent oil and gas company that is listed on AIM on the London Stock Exchange (symbol: PMG). Parkmead's primary focus is in the upstream oil and gas exploration and production sector, targeting transactions at both asset and corporate levels.

2.   In November 2011, Parkmead completed the acquisition of stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus gas field, discovered in 2010, 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.

3.   In December 2011, Parkmead announced that it had signed an agreement to acquire stakes in blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which contain the large Pharos gas prospect. This structure has the potential to hold up to 500 billion cubic feet of gas in place. These two gas-basin acquisitions were important, early steps in Parkmead's first stage of its development as a new independent energy company.

4.   In March 2012, Parkmead announced that it had signed an agreement to acquire a portfolio of Netherlands onshore assets comprising four producing gas fields and two oil fields from Dyas B.V. The acquisition of these assets provided the Group with its first producing fields. At the effective date of the acquisition, 1 January 2012, these assets were producing at a rate of approximately 2,000 boepd, delivering approximately 300 boepd net to Parkmead. In addition, the portfolio acquired provides the Group with future oil developments at Ottoland and Papekop, with the former forecast to come onstream in 2013. This acquisition completed in August 2012.

5.   In May 2012, Parkmead announced that it had reached an agreement on the terms of a recommended acquisition of DEO Petroleum plc ("DEO") by Parkmead, to be implemented by way of a Court-sanctioned Scheme of Arrangement under Part 26 of the Companies Act 2006 (the "Scheme").The Scheme became effective on the 9^th August 2012. DEO's principal asset is its interest in the Perth field in the UKCS. DEO owns 52% and is operator of the Perth field, which is targeting Proven and Probable (2P) reserves of 21.5mmbls net to DEO.

6.   In October 2012, Parkmead announced that the Group had been provisionally awarded several new licences under the UKCS 27th 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. In addition, Parkmead also applied for certain licences in the 27th Round, within the UKCS Southern Gas Basin, which are yet to be awarded by the UK Government due to their location close to, or in, certain Specific Areas of Conservation (SACs) and Special Protection Areas (SPAs).

7.   Through its wholly owned subsidiary, Aupec, the Parkmead 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 largest super-major oil companies.

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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