Parkmead Group (The) PLC Directorate Changes (5526L)

TIDMPMG

RNS Number : 5526L

Parkmead Group (The) PLC

30 April 2020

The Parkmead Group plc

("Parkmead", "the Company" or "the Group")

Directorate Changes

Parkmead, the UK and Netherlands-focused independent energy group, is pleased to announce the appointment of Mr Colin MacLaren as a Non-Executive Director of the Group.

Mr MacLaren has over 37 years of experience in commercial law. His most recent role was as a Partner at Brodies LLP. Colin holds a LLB law degree from the University of Aberdeen.

As Parkmead grows, the Board continuously plans for the developing needs of the Group. The last 12 months have seen significant progress across our key projects in oil and gas, plus a strategic move into renewable energy opportunities. Therefore, the Board has recruited a number of experienced new staff to ensure Parkmead can deliver the maximum value from its enhanced, high-quality asset base.

The Company has made a carefully integrated series of appointments to firstly increase the team's capabilities, and secondly to prepare for planned retirements. This has included appointing a new Managing Director for the North Sea, a new Group Financial Controller and a new Managing Director for Aupec Ltd.

The Board would like to express its thanks to Ian Rawlinson, for his invaluable counsel and guidance as a Non-Executive Director since 2010. In line with UK governance principles, Ian retires from the Board of Directors with effect from 30 April 2020, having given excellent service to the Company. We welcome Ian's successor Colin MacLaren, as a Non-Executive Director of the Group, who will take up his appointment on 1 May 2020.

Given the continued renewal of expertise and independent thinking outlined above, Parkmead is well positioned for future growth with a strong and balanced portfolio of assets and an experienced team focused on delivery.

Tom Cross, Executive Chairman, commented:

"Colin brings a wealth of experience to the Parkmead Board of Directors at this important time in the Group's development. His extensive legal and commercial knowledge, including across the land and property arena, will be valuable to Parkmead as we grow our portfolio beyond the oil and gas sector to include onshore renewable energies.

On behalf of everyone at Parkmead, I would like to thank Ian for his important contribution to the Board and we all wish him well for the future".

Details of directorships that Mr Colin James MacLaren, age 60, holds, or has held in the previous five years, are given below:

Past directorships:

Brodies LLP

Brodies & Co. (Trustees) Limited

Brodies Secretarial Services Limited

DWS Trustees Limited

Atholl Security Trustee Limited

Current directorships:

Warehouse 13 Limited

Colin MacLaren does not hold any ordinary shares in the Company.

Save for the declarations above there is no further information to be disclosed under Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.

Enquiries:

 
 The Parkmead Group plc                      +44 (0) 1224 622200 
 Tom Cross (Executive Chairman) 
 Ryan Stroulger (Chief Financial Officer) 
 
 Arden Partners plc (Financial Adviser, 
  NOMAD and Corporate Broker to Parkmead)    +44 (0) 20 7614 5900 
 Ciaran Walsh 
 Tim Dainton 
 
 Instinctif Partners Limited (PR Adviser 
  to Parkmead)                               +44 (0) 20 7457 2020 
 Mark Garraway 
 Sarah Hourahane 
 Dinara Shikhametova

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Notes to Editors:

1. Parkmead is an independent energy group that is listed on AIM on the London Stock Exchange (symbol: PMG). Parkmead is focused on growth in the oil and gas upstream and renewable energy sectors, targeting transactions at both asset and corporate level.

2. In September 2016, Parkmead increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea to 60.05 per cent. The Perth and Dolphin fields, which are both operated by Parkmead, are at the core of Parkmead's major Greater Perth Area oil hub project.

3. In April 2017, Parkmead significantly increased its stake in the major Sanda North and Sanda South prospects in the West of Shetland area of the UK North Sea. Through this accretive step, Parkmead increased its equity in the licence from 56% to 100%.

4. In January 2018, Parkmead significantly increased its equity in the Greater Perth Area oil hub project from 60.05% to 100%. The Group also announced that it had signed an agreement with Nexen Petroleum, a subsidiary of China National Oil Corporation (CNOOC), to conduct a detailed engineering study in relation to the potential subsea tieback of the Greater Perth Area project to the Scott platform and associated facilities in the UK Central North Sea.

5. In May 2018, Parkmead was provisionally awarded nine offshore blocks and part blocks spanning five new licences in the UK 30th Licensing Round.

6. In August 2019, Parkmead announced expansion into the renewable energy sector by signing a share purchase agreement to acquire the entire issued share capital of Pitreadie Farm Limited, a company owning extensive farmland and sites with significant renewable energy potential.

7. 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 energy 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 and gas companies.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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