Interim Results for period ended 31 December 2015 Thu, 24th Mar 2016 07:00 RNS Number : 1473T Parkmead Group (The) PLC 24 March 2016
24 March 2016
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Interim Results for the six-month period ended 31 December 2015
Parkmead, the UK and Netherlands focused oil and gas group, is pleased to report its interim results for the six-month period ended 31 December 2015.
Successful fast-track development, substantial increase in gas production
· First commercial gas production achieved at the Diever West gas field in the Netherlands, following a successful fast-track development
· Excellent Diever-2 well is outperforming, averaging approximately 30 million cubic feet per day during February 2016(approximately 5,100 barrels of oil equivalent per day)
· Diever West field brought onstream within just 14 months of discovery
· Low-cost onshore gas portfolio in the Netherlands produces from four separate gas fields with an average operating cost of US$14 per barrel of oil equivalent
· Further production enhancement work planned on Parkmead's Netherlands portfolio, including new wells at the Geesbrug and Wijk en Aalburg gas fields to maximise production, serving as a natural hedge to the current low oil price environment
· Significant development opportunities exist within Parkmead's Netherlands portfolio, in addition to low-risk exploration upside such as the Rotliegendes De Mussels prospect
· Detailed technical work has allowed Parkmead to high-grade its portfolio and release non-core acreage, significantly reducing licence costs
Significant progress on valuable development projects and additional licence award
· New minimal platform concept at the Platypus gas field further increases the attractiveness of the development
· Awarded a further new UK offshore licence, completing an excellent 28th Round for Parkmead
· Parkmead's new licence is located in the highly prospective West of Shetland area targeting two new prospects (Sanda North and Sanda South) adjacent to existing Parkmead licences
Building substantial oil and gas reserves and resources
· 2P reserves of 23.5 million barrels of oil equivalent as at 31 December 2015
· Contingent resources of 41.9 million barrels of oil equivalent as at 31 December 2015
Well positioned for further acquisitions
· Six acquisitions, at both asset and corporate level, have already been completed since repositioning Parkmead as a new independent oil and gas company
· Parkmead is well capitalised with US$43.8 million (£29.6 million) of cash resources as at 31 December 2015
· The Parkmead team is evaluating further acquisition oppo
Good business for CLNR buying into those licences for £1. I wonder what Verus will want in return? Some of CLNR'S SNS gas assets.? Interims now due for PMG and it will be the worst set of results ever issued and hopefully ever will. Athena shut in so revenue will fall off a cliff and unrestricted cash left around £27M. Could be something or nothing but Atlantic Petroleum have delayed their results until after PMG. Personally expecting more pain, anything else will be a bonus. Long term alongside FPM the best managed junior oilies.
CLNR, the natural resources investing company with gas assets in the Southern North Sea, is pleased to announce that it has signed Heads of Terms with Verus Petroleum (CNS) Limited and Verus Petroleum (SNS) Limited (both wholly-owned subsidiaries of Verus Petroleum UK Limited) ('Verus') in relation to the proposed acquisition of up to a 25% participating interest held by Verus in three licences located in the Central North Sea and the Moray Firth. These licences, two of which are effectively drill ready, are operated by The Parkmead Group, which estimates the potential for 400 million barrels of recoverable oil in aggregate.
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