(Alliance News) - Parkmead Group PLC on Thursday said that gas production has started from its new LDS-01 discovery in the Netherlands.
Parkmead is a Netherlands and UK-focused oil and gas company.
The LDS-01 structure was successfully drilled around the end of last year. The well has now been tied into the neighbouring commercial gas production infrastructure.
Parkmead told investors that this demonstrated once again the "operational efficiency" of its low-cost assets onshore the Netherlands, "where operating costs are less than USD9 per barrel equivalent".
The new discovery is in its initial clean up period. Early flow rates suggest that Parkmead will benefit from a material increase in daily net production.
Parkmead shares were trading 1.2% lower at 24.95 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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Parkmead (PMG)