Completion of the sale
of Parkmead (E&P) Ltd

Posted: 01/05/25

Further to the announcement on 12 December 2024, Parkmead is delighted to report that all conditions relating to the sale of its wholly owned subsidiary, Parkmead (E&P) Ltd (the “Subsidiary”), to Serica Energy (UK) Ltd (“Serica”) have now been met and that the sale has therefore completed.

 

Pursuant to the terms of the sale & purchase agreement, Parkmead has received a cash payment of approximately £7.3 million on completion (inclusive of working capital adjustments). Parkmead will also receive a further £7.0 million of additional firm cash consideration and up to £120 million of contingent cash consideration, payable as follows:

 

 

Beyond this sale of its UK North Sea offshore licences, Parkmead has retained 100% of its cash producing assets. These are all onshore and comprise its interests in several gas fields in the Netherlands and its wholly owned wind farm in Scotland.

 

Parkmead’s Executive Chairman, Tom Cross, commented:

I am delighted to announce the completion of the sale of Parkmead (E&P) Limited, which at the point of sale contained our UK offshore licences. The Group has received an excellent immediate cash payment for the disposal of this subsidiary, with further firm cash payments due over the next two years. We also retain a very attractive share of the upside should the significant projects at Skerryvore and Fynn Beauly proceed to development.

Parkmead is in a strong position and remains focused on maximising value from its onshore natural gas and renewable energy projects, in addition to unlocking attractive acquisition opportunities. Our management team is excited to deliver the next phase of the Group’s growth plans in renewable energies, natural gas and international E&P.

 

 

 

The Parkmead Group plc +44 (0) 1224 622200

Tom Cross (Executive Chairman)

Andrew Smith (Executive Director – Business Development)

 

Cavendish Capital Markets Limited (Nomad and Broker) +44 (0) 20 7220 0500

Marc Milmo / Seamus Fricker – Corporate Finance

Iain MacArthur – Sales