Interesting news from Parkmead this morning.
1) PMG has acquired a 15% stake from Exxon in a gas field that was discovered by Dana in 2010. PMG's management is all ex Dana, so they know the assets intimately. Post KNOC acquisition, the operator of the field is still Dana. The field includes the original discovery plus at least one other prospect. Details at http://www.investegate.co.uk/Article.aspx?id=201111150700310993S
2) The deal is being financed by a loan made to PMG by Tom Cross - who did of course do rather well when Dana was sold. TC owns 28% of PMG. (for anyone who has not been following this saga TC was CEO of Dana and is now both Exec Chair and biggest shareholder at PMG)
Details at http://www.investegate.co.uk/Article.aspx?id=201111150700550995S
3) original discovery was announced last year - details at http://www.investegate.co.uk/Article.aspx?id=201004150700132276K
It's only small and it's only gas. But it's a start
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