Parkmead Group Announces Acquisition of Netherlands Gas Royalty

Source: www.gulfoilandgas.com 7/9/2021, Location: Europe

Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to announce it has agreed to purchase a historic royalty associated with the Group's existing interests in the Drenthe IV, Drenthe V and Andel Va licenses in the Netherlands from Vermilion Energy. These licences contain the Grolloo, Geesbrug and Brakel onshore gas fields, respectively.

This royalty was previously held by NAM (a Shell and ExxonMobil joint venture) and came with the licences when they were acquired by Parkmead. The consideration for this acquisition is €565k and will be satisfied through a part cash payment of approximately €150k with the balance being paid from part of the remaining 2021 net revenue from Parkmead's working interest in the Geesbrug gas field. The acquisition removes the royalty associated with the existing producing gas wells. The effective date of the transaction is 1 January 2021. The revenue associated with this royalty for the year to 30 June 2020 was €325k.

Through this acquisition, Parkmead will increase its net gas production from these wells, doubling the Group's effective financial interest from 7.5% to 15% (in line with Parkmead's working interest in the licences). It is also expected that this step will extend the producing life of these fields through greater partner alignment. The Drenthe VI licence, containing the large Diever West gas field, is not affected by this royalty.

Tom Cross, Executive Chairman, commented:

"This innovative deal enhances our gas interests in the Netherlands and adds significant value to Parkmead. The Group is also benefitting from the very strong recovery in gas prices.

We continue to build a portfolio of high-quality energy projects through acquisitions, organic growth and active asset management.

Our team is carefully evaluating further potential gas, oil and renewable energy acquisitions that would complement our existing portfolio."


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