Last checked at 20 Oct 2010 07:00
THE PARKMEAD GROUP PLC
("Parkmead" or the "Group")
Appointment of Chairman
The Board of Directors of The Parkmead Group plc ("the Board") reports that Mr Colin Goodall, Non-executive Chairman, will be retiring and stepping down from the Board of the Group with effect from 8 November 2010.
The Board is pleased to announce that Mr. Tom Cross will become Executive Chairman. Mr. Cross has been a non-executive director of the Group since October 2006. He will take up office as Executive Chairman on 9 November 2010.
Mr. Cross is founder and Chief Executive Officer of Dana Petroleum plc, which is currently being acquired by the Korea National Oil Corporation in a deal worth approximately $3 billion dollars. He is a Chartered Director and petroleum engineer with extensive energy sector experience, spanning projects in more than 20 countries. In 2005, Tom was elected Chairman of BRINDEX, the Association of British Independent Oil Companies and he continues in that role. He is a Fellow of the Institute of Directors and has served as a Chairman of the Society of Petroleum Engineers and an advisor to BBC Radio on oil and gas affairs.
Mr. Niall Doran, Parkmead CEO, commented:
"The Board is delighted to welcome Tom as our new Chairman and we are excited about the next phase of the Group's development.
I would like to pay tribute to Colin Goodall, who retires as Chairman next month. Colin has steered the Group through a period of significant change, which culminated in the successful acquisition of Aupec Limited. Everyone at Parkmead wishes Colin a long and happy retirement."
20 October, 2010
For further information:
The Parkmead Group plc 0845 604 8806
Niall Doran, CEO
Donald MacKay, CFO
Charles Stanley Securities 0207 149 6000
Nominated Adviser & Broker
Marc Milmo/Carl Holmes
College Hill Associates 020 7457 2020
Nick Elwes
Notes to Editors:
The Parkmead Group plc (the "Group") is an independent specialist oil and gas investment and advisory company that is listed on AIM on the London Stock Exchange (symbol: PMG).
The Group's primary investment focus is in the oil and gas exploration and production sector at both the asset and corporate levels.
Over the last year, the Group's capabilities have been significantly enhanced through the acquisition and integration of Aupec Limited ("Aupec"). As a result, going forward the enlarged Group plans to actively pursue investment and advisory opportunities throughout the North Sea, Africa and in the Middle East using the combined capabilities of Aupec and Parkmead.
Through its now wholly owned subsidiary, Aupec, the Group provides petroleum economics, benchmarking and valuation expertise to a wide range of government bodies and international oil and gas 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. Aupec is currently undertaking an important benchmarking project for a group of the world's most eminent super-majors, including ExxonMobil, Shell, BP, Total, ConocoPhillips and Chevron.
For further information please refer to Parkmead's website at www.parkmeadgroup.com and Aupec's website at www.aupec.com.