Parkmead Group (The) PLC New gas discovery comes onstream (5374V)

TIDMPMG

RNS Number : 5374V

Parkmead Group (The) PLC

06 April 2023

The Parkmead Group plc

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

New gas discovery comes onstream

Parkmead, the independent energy group, is pleased to announce the commencement of gas production from its new LDS-01 discovery in the Netherlands.

The LDS-01 structure was successfully drilled around the end of 2022. The well has been tied into the neighbouring commercial gas production infrastructure in just a few weeks, demonstrating again the operational efficiency of Parkmead's low-cost assets onshore the Netherlands, where operating costs are less than $9 per barrel equivalent.

This new discovery is in its initial clean up period, and early flow rates suggest that Parkmead will benefit from a material increase in daily net production.

We look forward to updating shareholders with further information in due course.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014. Upon the publication of this announcement, the information contained herein is now considered to be in the public domain.

Enquiries:

 
 The Parkmead Group plc                        +44 (0) 1224 622200 
 Tom Cross (Executive Chairman) 
 Henry Steward (Group Commercial Manager) 
 
 finnCap Ltd (NOMAD and Broker to Parkmead)    +44 (0) 20 7220 0500 
 Marc Milmo / Seamus Fricker - Corporate 
  Finance 
 Andrew Burdis / Barney Hayward - ECM

About Parkmead

The Parkmead Group is a UK and Netherlands focused independent energy group listed on AIM at the London Stock Exchange (AIM: PMG). The Group produces natural gas from a portfolio of four fields across the Netherlands and holds significant additional oil and gas interests across the UK and Dutch sectors. Parkmead also 100% owns and operates the Kempstone Hill wind energy company, producing electricity direct to the UK grid. This is in addition to a range of complementary renewable energy opportunities throughout the Group.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCNKPBPPBKDBQK

(END) Dow Jones Newswires

April 06, 2023 02:00 ET (06:00 GMT)

The Parkmead (AQSE:PMG.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024