Parkmead Group Secures New UK Offshore Blocks

Parkmead Group PLC - Netherlands-focussed gas explorer - Secures an offer for four offshore blocks and part blocks spanning three new licences in the UK 32nd licensing round awards. The first of these provisional licence awards covers blocks 14/20g & 15/16g situated in the central North Sea, adjacent to Parkmead's extensive Greater Perth area. These blocks contain two undeveloped oil discoveries, Fynn Beauly and Fynn Andrew, as well as an oil prospect in the Piper formation. Addition of these blocks to Parkmead's portfolio would add 34.4 million barrels of 2C resources. Two further licences - block 14/20c and block 42/28g - have been offered to Parkmead as part of the 32nd round. Parkmead will now evaluate the offered awards and how they complement its energy portfolio.

Current stock price: 34.00 pence

Year-to-date change: down 28%

Source: LSE

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