Parkmead Group (The)

Completion of Divestment and Renewables Update

RNS Number : 2572T
Parkmead Group (The) PLC
24 March 2021
 

24 March 2021

 

The Parkmead Group plc

("Parkmead" or "the Group")

 

Divestment of non-core acreage and acceleration of renewable energy project

Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to announce it has completed two successful sales of two separate areas of non-core land from its UK renewable energy portfolio for an aggregate consideration of £4.0 million.

This divestment follows detailed analysis carried out across the Group's onshore land portfolio. Sites with the largest renewable energy potential have been retained and high-graded, with a strategy to divest non-core land. These sales are in line with this strategy.

Parkmead has identified substantial wind energy potential at one location within its renewables portfolio, some 15 miles west of Aberdeen. The acreage has excellent average wind speeds and lies adjacent to the Mid Hill Wind Farm which contains 33 Siemens wind turbines with a generating capacity of around 75 megawatts (MW). Technical studies are already underway on this site.

Parkmead continues to advance its renewable energy opportunities through its in-house technical and commercial expertise, working with regional experts. This will ensure that the Group is able to maximise the upside value from its assets in the renewables sector.

Tom Cross, Executive Chairman, commented:

"Parkmead continues to build a portfolio of high-quality energy projects through organic applications, acquisitions and active asset management. The successful divestments of the non-core land are a testament to the team's ability to ensure value is derived from its portfolio of assets.

Parkmead is excited about the potential of its renewables portfolio, having already identified a number of locations for possible renewable energy opportunities within the Group's remaining onshore acreage.

In addition, as well as these organic opportunities to increase shareholder value, our team continues to carefully evaluate further renewable energy acquisitions that will complement our gas and oil projects."

 

Enquiries:

 

The Parkmead Group plc

+44 (0) 1224 622200

Tom Cross (Executive Chairman) 


Ryan Stroulger (Chief Financial Officer) 




finnCap Ltd  (NOMAD and Broker to Parkmead)

+44 (0) 20 7220 0500

Marc Milmo / Emily Watts / Matthew Radley - Corporate Finance


Andrew Burdis / Tim Harper - ECM


 

 

Notes to Editors:

 

1.  Parkmead is an independent, UK and Netherlands focused 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 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.

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

4.  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.

5.  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").

6.  In September 2020, Parkmead announced it had been offered four offshore blocks and part blocks spanning three new licences in the UK 32nd Licensing Round awards.

7.  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.

 

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

 

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