Parkmead Regulatory News (PMG)

16 December 2013

THE PARKMEAD GROUP PLC

("Parkmead" or the "Company")

Result of Annual General Meeting & Share Consolidation

The Board of Parkmead is pleased to announce that at the Company's Annual General Meeting ("AGM"), held earlier today, all resolutions proposed were passed unanimously by shareholders.

Resolution 9, passed at the AGM, concerned the proposed Share Consolidation, details of which were outlined in an announcement on 22 November 2013 and detailed information on which were included in the Notice of AGM posted to shareholders accompanying the Company's Annual Report and Accounts.

The Share Consolidation is based on every 15Existing Ordinary Shares being consolidated into 1 New Ordinary Share and will become effective at 5.00p.m. today.

Following the Share Consolidation, Shareholders will still hold the same proportion of the Company's ordinary share capital as before the Share Consolidation. Other than a change in nominal value, the New Ordinary Shares will carry equivalent rights under the Articles of Association to the Existing Ordinary Shares. 

Following the Share Consolidation, the Company's issued ordinary share capital will comprise of 69,080,152 New Ordinary Shares. No change in the total nominal value of the Company's issued ordinary share capital will occur, which will still be approximately £1,036,202.

Share certificates for Existing Ordinary Shares will no longer be valid and should be destroyed once the new documentation is received. Until a holder of certificated New Ordinary Shares receives a new share certificate, transfers of certificated New Ordinary Shares will be certified against the register of members.

Shareholders who hold their entitlement in uncertificated form through CREST will have their CREST accounts credited to reflect their entitlement to New Ordinary Shares. The existing ISIN (GB0002532801) (SEDOL 0253280) will be disabled as at 5.00 p.m. on 16 December 2013 with Admission and dealings in the New Ordinary Shares under ISIN (GB 00BGCYZL73) (SEDOL BGCYZL7) commencing at 8.00 a.m. on 17 December 2013.

Expected timetable of principal events

Enquiries:

Notes to Editors:

1. Parkmead is an independent, upstream oil and gas company that is listed on AIM on the London Stock Exchange (symbol: PMG). Parkmead is focused on growth in the oil and gas exploration and production sector, targeting transactions at both asset and corporate levels.

2. In November 2011, Parkmead completed the acquisition of stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus gas field and the Possum gas prospect. Mapping indicates the potential for Platypus and Possum to contain up to 180 and 100 billion cubic feet of gas in place, respectively.

3. In December 2011, Parkmead agreed to acquire stakes in blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which contain the large Pharos gas prospect. These two gas-basin acquisitions were important, steps in the first stage of Parkmead's development as a new independent energy company.

4. In March 2012, Parkmead agreed to acquire a portfolio of Netherlands onshore assets comprising four producing gas fields and two oil fields from Dyas B.V. This acquisition provided the Group with its first producing fields. At the effective date of the acquisition, 1 January 2012, these assets were producing at a rate of approximately 2,000 boepd, delivering approximately 300 boepd net to Parkmead. In addition, the portfolio provides the Group with future oil developments at Ottoland and Papekop. This acquisition completed in August 2012.

5. In May 2012, Parkmead launched its recommended acquisition of DEO Petroleum plc ("DEO"), to be implemented by way of a Court-sanctioned Scheme of Arrangement (the "Scheme"). The Scheme became effective on the 9th August 2012. As a result, Parkmead now owns 52% and is operator of the UKCS Perth oil field, which is targeting Proven and Probable (2P) reserves of 41.3 million barrels of oil (21.5 million barrels of oil net to Parkmead).

6. In October 2012, Parkmead was provisionally awarded several new licences under the UKCS 27th Licensing Round. The six new licences comprise interests in a total of 25 offshore blocks or partial blocks across the Central North Sea, West of Scotland and West of Shetland. Parkmead also applied for certain licences in the 27th Round, within the UKCS Southern Gas Basin, which are yet to be awarded by the UK Government due to their location close to, or in, certain Special Areas of Conservation (SACs) and Special Protection Areas (SPAs).

7. In July 2013, Parkmead completed its recommended offer for Lochard Energy Group plc by way of a Scheme of Arrangement. This gave Parkmead a 10% interest in the producing Athena oil field.

8. Through its wholly owned subsidiary, Aupec Limited, the Parkmead Group provides petroleum benchmarking and economics 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 largest super-major oil companies.

For further information please refer to Parkmead's website at www.parkmeadgroup.com.