Parkmead Group PLC - Netherlands-focussed gas explorer - Buys a royalty associated with its existing interests in the Drenthe IV, Drenthe V and Andel Va licenses in the Netherlands from Vermilion Energy. Parkmead will pay EUR565,000 through a cash payment of around EUR150,000 and the remainder being from a share of revenue from its Geesbrug gas field.
The purchased licences contain the Grolloo, Geesbrug and Brakel onshore gas fields. Parkmead says the deal doubles net gas production from wells to 15% from 7.5%.
"This innovative deal enhances our gas interests in the Netherlands and adds significant value to Parkmead. The group is also benefitting from the very strong recovery in gas prices," comments Executive Chair Tom Cross.
"We continue to build a portfolio of high-quality energy projects through acquisitions, organic growth and active asset management."
Current stock price: 51.58 pence, up 3.4% Friday afternoon
Year-to-date change: up 33%
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Parkmead (PMG)