Investment

30 Nov 2007 07:10

Parkmead Group (The) PLC30 November 2007 Friday 30 November 2007 THE PARKMEAD GROUP PLC ("Parkmead" or the "Group") Acquisition of 0.84 % stake in Reservoir Exploration Technology ASA ("RXT") The Parkmead Group plc (PMG) today announces that it has acquired a 0.84%(215,400 shares) of the listed share capital of RXT. RXT is a marinegeophysical company specialising in multi component seismic sea-flooracquisition and is listed on the Oslo stock exchange. The holding, which cost£1.1 million, represents a strategic stake and Parkmead intends to make furtherinvestments in to oil field services sector companies in due course. Commenting on the investment, Niall Doran, Chief Executive of the Group, said: "We are pleased to have made our first wholly energy sector focused investment.The Group is actively evaluating a number investment opportunities: in the oilfield services sector, and; in exploration and production in the Middle Eastand Africa" For further information: The Parkmead Group plc 020 7494 5770Niall Doran CEOGordon Ashworth, CFO Madano Partnership 0207 593 4000Matthew Moth Charles Stanley Securities (Nominated Adviser) 0207 149 6482Rick Thompson / Henry Fitzgerald-O'Connor This information is provided by RNS The company news service from the London Stock Exchange