Business
Interim Results for six months ended 31 Dec 2020
Interim Results for six months ended 31 Dec 2020.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0373U\n Parkmead Group (The) PLC\n 31 March 2021\n \n \n \n \n 31 March 2021\n \n \n \n \n \n The Parkmead Group plc \n \n \n (\"Parkmead\", \"the Company\" or \"the Group\") \n \n \n \n \n \n Interim Results for the six-month period ended 31 December 2020\n \n \n \n \n \n Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to report its interim results for the six-month period ended 31 December 2020. \n \n \n \n \n \n HIGHLIGHTS \n \n \n \n \n \n Excellent progress on Platypus gas and Greater Perth Area oil projects\n \n \n \n \n \n · \n Parkmead has agreed in principle to become operator of the Platypus gas project, subject to regulatory approval. It has entered into advanced commercial discussions with the Platypus supply chain, as well as progressing discussions with the OGA and also Perenco UK, in their role as operator of the Cleeton host facility\n \n \n · \n CalEnergy Resources is Parkmead's partner on the project\n \n \n · \n Platypus has previously reached some key milestones ahead of its development, including submission of a draft Field Development Plan and Environmental Statement, which are in the process of being updated\n \n \n · \n The mid case recoverable gas reserves from Platypus are expected to be 103 billion cubic feet (\"Bcf\"), with peak gas production of over 60 million cubic feet of gas per day (\"MMscfd\") \n \n \n · \n There is potential for additional gas volumes from the adjacent Platypus East structure. These could be tied into the planned Platypus infrastructure \n \n \n · \n Parkmead continues to assess draft commercial offers received from the Scott field partnership for the potential tie-back of the Greater Perth Area (\"GPA\")\n \n \n · \n Infrastructure studies completed in 2020 have confirmed that there are no technical hurdles to produce Perth oil from the wells all the way through to the onshore facilities \n \n \n · \n Parkmead is also in discussions with other operators in the GPA vicinity where new opportunities have arisen during the year\n \n \n · \n Every $10/bbl increase in the oil price adds approximately £130 million to the P50 post-tax NPV of the Perth field development alone\n \n \n \n \n \n Major new UK licence secured and significant progress ...