Parkmead Group (The) PLC Strong Progress Across Netherlands Assets (7770X)
2023年4月28日 - 3:00PM
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TIDMPMG
RNS Number : 7770X
Parkmead Group (The) PLC
28 April 2023
28 April 2023
The Parkmead Group plc
("Parkmead", the "Group" or the "Company")
Strong Progress Across Netherlands Assets
Parkmead, the independent energy group, is pleased to provide
the following update on the performance of its Netherlands
operations.
Drenthe VI
As previously announced, the LDS-01 well successfully discovered
commercial reserves and delivered first gas in April 2023. Since
then, gas condensate flow rates have been significantly higher than
expected, at around 40m(3) /day, in addition to excellent dry gas
production rates. Following these better than expected flow rates,
the well has been temporarily shut-in, so that a process
optimization can take place at the Garijp terminal, to accommodate
the increased fluid production levels. Once an optimal operating
regime has been identified, the well will be brought back onstream,
this is currently expected to be in late May 2023. Post-drill
modelling work has indicated the well has discovered a much larger
net pay interval than initially thought at well completion.
The existing DIV-02 well at Diever continues to produce while
the LDS-01 well is temporarily shut-in.
Drenthe V
A large integrated subsurface study is currently ongoing to
target additional volumes at the producing Geesbrug gas field. This
work will be completed in the second half of 2023 and will confirm
the merits of a potential additional well. The existing Geesbrug
production well is also expected to undergo further work this year
to enhance production efficiency.
Andel Va
Subsurface work continues, confirming new opportunities on the
Andel Va licence. These include an infill well at the Brakel gas
field as well as a potential exploration well on the adjacent
Brakel South prospect. This work will be completed during 2023.
Alongside the Brakel area, the partners on this licence will also
be performing operational evaluations of the Wijk & Aalburg
fields which will include plans for refitting the production
facilities at those fields.
Drenthe IV
Parkmead's acquisition of the historic gas royalty in 2021 means
that a potential compression reactivation on the Grolloo gas field
will result in material net benefit to Parkmead.
Papekop
Excellent progress continues to be made on the Papekop
development. Commercial discussions are advancing with stakeholders
and GTS (the owner/operator of the national gas transmission
network in the Netherlands). Environmental Impact Assessments and
permitting will be completed over the next year, alongside detailed
engineering, before a Final Investment Decision is taken.
Tom Cross, Executive Chairman, commented:
"We are pleased to provide shareholders with an update on the
significant progress across our portfolio of Netherlands
assets.
Parkmead has worked closely with its joint-venture partners on
the fast-track development of the LDS-01 gas discovery. The initial
performance and recent reservoir modelling of the well are very
encouraging, and we are achieving higher than expected flow rates
of both dry gas and gas condensate.
The Netherlands onshore portfolio continues to generate a large
number of value-adding opportunities across all stages of the life
cycle including low-risk exploration, low-cost appraisal and
development.
These high-quality assets, combined with efficient cost control,
deliver strong cash flow from operations which allows for further
investment in growth opportunities throughout the Netherlands and
UK."
For enquiries please contact:
The Parkmead Group plc +44 (0) 1224 622200
Tom Cross (Executive Chairman)
Henry Steward (Group Commercial Manager)
finnCap Ltd (NOMAD and Broker to Parkmead) +44 (0) 20 7220 0500
Marc Milmo / Seamus Fricker - Corporate
Finance
Andrew Burdis / Barney Hayward - ECM
About Parkmead
The Parkmead Group is a UK and Netherlands focused independent
energy group listed on AIM of the London Stock Exchange (AIM: PMG).
The Group produces natural gas from a portfolio of four fields
across the Netherlands and holds significant additional oil and gas
interests across the UK and Dutch sectors. Parkmead also 100% owns
and operates the Kempstone Hill wind energy company, producing
electricity direct to the UK grid. This is in addition to a range
of complementary renewable energy opportunities throughout the
Group.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com
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END
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April 28, 2023 02:00 ET (06:00 GMT)
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