Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Parkmead to snap up fellow energy minnow

Parkmead to snap up fellow energy minnow
Fledgling oil and gas independent Parkmead Group is buying fellow Aberdeen company DEO Petroleum in a deal worth about £12.7million.

Fledgling oil and gas independent Parkmead Group is buying fellow Aberdeen company DEO Petroleum in a deal worth about £12.7million.

Parkmead, led by former Dana Petroleum chief executive Tom Cross, said yesterday it was paying 29.5p a share for DEO: a 40.5% premium to its 21p closing price last Friday.

The boards of both companies have agreed the deal, which is expected to complete – subject to approval by DEO shareholders – by Wednesday, August 8. DEO has a workforce of 12 people, including six contracted employees.

Parkmead said it already had irrevocable undertakings and a letter of intent supporting the takeover in respect of 56.3% of DEO’s issued stock.

Mr Cross said: “This deal will add significant value for both Parkmead and DEO shareholders.

“The enlarged group will be stronger and better positioned, with a wider base of oil and gas assets in the UK and Netherlands spanning the whole upstream opportunity-cycle from exploration through appraisal, development and production.”

DEO – focused on building a portfolio of profitable UK North Sea assets with near-term exploration potential – said it would improve the deliverability of its Perth project, from which it aims to start production this year.

Urging investors to back the deal, chief executive David Marshall said: “Shareholders can look forward to value growth from the creation of one of the most experienced and innovative companies operating in the natural-resources sector.”

Alternative Investment Market-listed Parkmead has production and development assets in Europe and Africa. It started drilling its first well in the North Sea, on the Platypus gas field, just last month. Parkmead also recently made its first acquisition of producing assets, from explorer Dyas, for £6.2million.

More from Energy Voice

Latest Posts