Parkmead completes acquisition of Netherlands assets
Oil and gas firm Parkmead has completed the acquisition of a portfolio of Netherlands onshore assets, comprising interests in four producing gas fields and two oil fields.
Oil and gas firm Parkmead has completed the acquisition of a portfolio of Netherlands onshore assets, comprising interests in four producing gas fields and two oil fields.
The assets, for which Parkmead is paying a total of €7.5m, include a 15% interest in the Andel V production licence, which covers the two producing gas fields at Wijk en Aalburg and Brakel, as well as the Ottoland oil field development, which is expected to come on-stream in 2013, plus a 15% interest in the Papekop production licence, including the Papekop oil field development.
The recent successful extended well test performed on Ottoland during the final quarter of 2011 produced oil at a stable rate from the existing single well on this accumulation, the firm said. Analysis of the test results is being carried out to allow optimisation of the development plan, including determination of the number of production wells required to efficiently drain the field.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm also gains a 15% interest in the Drenthe III and IV production licences, which together include the two producing gas fields at Geesbrug and Grolloo.
An initial cash payment of €4.5m has been paid as well as a contingent €3.0m, which is payable on the first commercial sale of oil from the Papekop field development.
Tom Cross, Executive Chairman of Parkmead, said: "We are pleased to have secured stakes in these attractive licence areas that give Parkmead its first gas production and near term oil field developments.
"The acquisition of these assets marks a significant milestone for Parkmead by adding the first producing assets to the group's portfolio."
The effective date of the acquisition was January 1st of this year, at which time the assets were producing at a rate of around 2,000 barrels of oil equivalent per day (boepd), of which 300 boepd was net to Parkmead.
The share price fell 5.17% to 13.75p by 09:56.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”