The Parkmead Group will write off its Perth oil development in a non-cash one-off impairment of approximately £33 million because of “unprecedented challenges” in the hydrocarbon sector. ISSUES In its business review, the company said it had re-evaluated its direction following “volatile oil and gas prices, ageing infrastructure and rising capital and operating costs”. Parkmead […]
Tag: The Parkmead Group plc
Parkmead’s finance director Ryan Stroulger leaves
The Parkmead Group plc finance director Ryan Stroulger’s employment with the company has ended by mutual agreement. Finance controller Donald Wilson CA has assumed full responsibility for the group’s finance function. Mr Donald trained and qualified with PwC LLP and has some 13 years’ experience in finance in the energy sector. He latterly spent four […]
Parkmead reports better than expected LDS-01 flow rates
The Parkmead Group (PMG) reported better than expected gas condensate flow rates from the LDS-01 well on the joint venture Drenthe VI licence in the Netherlands. LDS-01 WELL The company has six Netherlands licences with a number of low-risk exploration prospects. The LDS exploration project, within the Drenthe VI licence (7.5%), involves drilling two to […]
Parkmead notes start of gas production from LDS-01
The Parkmead Group plc has noted the start of gas production from the new LDS-01 discovery on the Drenthe VI joint venture licence in the Netherlands. LDS EXPLORATION The company has six Netherlands licences with a number of low-risk exploration prospects. The LDS exploration project, within the Drenthe VI licence (7.5%), involves drilling two to […]
Parkmead discovers gas columns at Drenthe VI
The Parkmead Group plc has encountered gas columns in the primary target horizons on completion of drilling at the onshore LDS-01 well in the Netherlands. DRENTHE VI LDS-01 is the first of a two-well campaign on the Drenthe VI concession targeting several onshore gas prospects. Parkmead said that the well, drilled to a depth of […]
Parkmead notes rig mobilisation for LDS drilling
The Parkmead Group plc said mobilisation of the Drilltec Synergy 2 Rig had started for the two-well drilling campaign at the LDS project in the Netherlands. PROGRAMME The company added that the LDS wells would target multiple Rotliegendes gas reservoir prospects from the existing Diever well site, which is already in production. Construction work is nearly […]