Parkmead has raised approximately US$21.1 million (£13.44 million) through a placing of 11,200,000 new Ordinary Shares (the 'Placing Shares') at 120 pence per share (the 'Placing Price'). The Placing Shares have been placed with certain institutional and other investors (the 'Placing').
The Placing, which has been undertaken by Charles Stanley Securities, is conditional, inter alia, on admission to trading on AIM of the Placing Shares ('Admission').
Background to and Reasons for the Placing
The Company has built a strong platform for future growth and has been actively executing its accelerated strategy to become a key E&P player in the North Sea.
The last 18 months have proved to be an excellent period for Parkmead, one which saw strong progress across the Group's growing oil and gas portfolio. In the Netherlands, a new onshore gas field was discovered at Diever West and the discovery is expected to be tied into existing facilities by the end of 2015 under a fast track development programme. A number of enhanced production opportunities are available across Parkmead's existing Netherlands portfolio which the Company intends to capitalise on, with the aim of significantly increasing its net gas production.