REG - Parkmead Group (The) - New gas discovery comes onstream

ParkmeadAnnouncement

06/04/2023 07:00

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RNS Number : 5374V  Parkmead Group (The) PLC  06 April 2023

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

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