Parkmead Completes Dyas Acquisition

Parkmead Group has today completed its acquisition of six Dutch onshore fields, acquired from Dyas BV.

The acquisition, which was announced in March of this year, sees Parkmead take a 15 per cent stake of four gas fields and two oil fields in the Netherlands. The stakes are acquired in the Andel V Production Licence, which numbers two gas fields, the Aalburg and Brakel fields and one oil field, the Ottoland oil field development; the Drenthe III and IV Production Licences, which include two gas fields, the Geesbrug and Grolloo fields; and the Papekop Production Licence, which includes the Papekop oil field.

The acquisition is completed for an initial cash payment of €4.5 million. A further €3 million will be payable contingent on the first commercial sale of oil from the Papekop field.

Parkmead says the fields, at the effective date of acquisition of January 1st, 2012, will bolster its production levels by approximately 300 barrels of oil equivalent per day, out of a total 2,000 barrels of oil equivalent per day.

The company said today that the acquisition would also see Parkmead's first gas production.

"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," Executive Chairman of Parkmead, Tom Cross, said today.