28th Jan 2014 09:06
LONDON (Alliance News) - The Parkmead Group PLC Tuesday said it has raised about USD66 million, or GBP40 million, through an over-subscribed placing of 15.7 million shares at 255 pence each and will use the money to fund growth.
In a statement, the Anglo-Dutch oil and gas company said it plans to accelerate drilling at the Skerryvore oil prospects, restore production to previous levels at Athena, look at further merger and acquisition deals, and accelerate its exploration drilling schedule, applying for new areas in the recently-opened 28th licensing round in the UK.
The shares issued were placed with institutional investors.
Its potential development schedule is as follows:
Potential Growth Step | Potential Benefit to Parkmead
| ||
Athena - P4 Well Workover
| Increase gross field production to approximately 9,000 barrels of oil per day
| ||
Athena - New Well | Add approximately 1,100 barrels of oil per day (net) to Parkmead production levels
| ||
Skerryvore Exploration | High-impact, multiple stacked targets, which have the potential to add significant oil and gas reserves to Parkmead
| ||
Possum Exploration | May add reserves to Parkmead's Southern Gas Basin potential Platypus field development
| ||
Blackadder Exploration | Potential to add reserves to Parkmead's Southern Gas Basin portfolio, nearby to Pharos
| ||
Davaar Exploration | High-impact West of Shetland prospect
| ||
UKCS 28th Licensing Round | Parkmead's technical team is preparing a number of applications in this latest UKCS Licensing Round
| ||
M&A Opportunities | Asset deals and corporate deals that Parkmead is well placed to capitalise on |
The Parkmead Group shares were up 1.3% at 261.307 pence early Tuesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Parkmead