Last checked at 19 May 2008 07:00
Monday 19th May 2008
THE PARKMEAD GROUP PLC
("Parkmead" or the "Group")
Creation of Advisory Board and first appointments
The Board of Parkmead (the "Board") has established an Advisory Board comprising of industry and investment experts to assist the Group in the identification, evaluation and investment of energy based assets.
Two initial senior appointments have now been made. David Bamford, currently a Non-Executive Director at Tullow Oil plc and Peter Davies, an internationally renowned energy economist, who was Chief Economist at BP until 2007.
The establishment of this Advisory Board follows three recent investments Parkmead has made in the oil and gas industry. Parkmead has acquired 3.07% of Faroe Petroleum, 0.84% of Reservoir Exploration Technology, and 0.16% of PA Resources AB (subsequently exited at an IRR of 76%).
Commenting, Parkmead Chairman, Colin Goodall, said:
"The creation of the Advisory Board, with David and Peter as our first members, provides Parkmead with further access to globally respected industry professionals in technical and financial arenas.
"Following our recent investments, this is another important step forward in Parkmead's transition into a focused energy investment group."
Further details of new Advisory Board Members:
David Bamford: David has been a non-executive director of Tullow Oil for 4 years, a period of dramatic growth for the company, driven primarily by exploration success in sub-Saharan Africa. This followed a long career in BP, from which he retired in 2003, where he was initially a geophysicist and more latterly a builder of exploration experience and expertise around the globe
Peter Davies: Peter is an international energy economist with extensive experience in industry, government and the financial sector. He was Chief Economist of BP from 1990-2007 and is now an advisor to a range of entities on economics, energy and business issues. He is an Honorary Professor at the University of Dundee's Centre for Energy, Petroleum and Mineral Law and Policy. He is a member of Council for Science and Technology, the UK Government's top-level, independent advisory body on science and technology policy issues. He is a former President of the International Association for Energy Economics and Chairman of the British Institute of Energy Economics.
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For further information:
The Parkmead Group plc 020 7494 5770
Niall Doran CEO
Gordan Ashworth CFO
Madano Partnership 020 7593 4000
Matthew Moth
Charles Stanley Securities (Nominated Advisor) 020 7149 6482
Rick Thompson