Faroe Petroleum Plc Regulatory News (FPM)

6 Dec 2007 16:59

Parkmead Group (The) PLC06 December 2007 Thursday December 6th THE PARKMEAD GROUP PLC ("Parkmead" or the "Group") Acquisition of 3.07 % stake in Faroe Petroleum plc ("Faroe"). The Parkmead Group plc (PMG) reports that it has acquired 3.07% of the listedshare capital of Faroe (2,277,831 shares). Faroe Petroleum is an independentoil and gas company focused on value creation through exploration and appraisaldrilling in the Atlantic Margin (Faroe Islands and UK West of Shetlands), the UKNorth Sea, the Norwegian North Sea and the Dutch North Sea. For the 6 monthsended 30 June 2007 Faroe reported a net loss of £0.583 million and its netassets as at 30 June 2007 were £51.551 million. The cost of the acquisition,which will be settled in cash, is £4.124 million and the effect on Parkmead willbe to reduce its cash resources by the same amount. The holding represents a strategic stake in the exploration and productionsector for Parkmead. Commenting on the investment, Niall Doran, Chief Executive of the Group, said: "This is our second wholly energy focused investment. We are activelyevaluating further investments and hope to make further announcements in duecourse." -Ends- For further information: The Parkmead Group plc 020 7494 5770Niall Doran CEOGordon Ashworth, CFO Madano Partnership 0207 593 4000Matthew Moth Charles Stanley Securities 0207 149 6482Rick Thompson This information is provided by RNS The company news service from the London Stock Exchange