Parkmead Group (The) PLC
30 November 2007
Friday 30 November 2007
THE PARKMEAD GROUP PLC ('Parkmead' or the 'Group')
Acquisition of 0.84 % stake in Reservoir Exploration Technology ASA ('RXT')
The Parkmead Group plc (PMG) today announces that it has acquired a 0.84%
(215,400 shares) of the listed share capital of RXT. RXT is a marine
geophysical company specialising in multi component seismic sea-floor
acquisition and is listed on the Oslo stock exchange. The holding, which cost
£1.1 million, represents a strategic stake and Parkmead intends to make further
investments in to oil field services sector companies in due course.
Commenting on the investment, Niall Doran, Chief Executive of the Group, said:
'We are pleased to have made our first wholly energy sector focused investment.
The Group is actively evaluating a number investment opportunities: in the oil
field services sector, and; in exploration and production in the Middle East
and Africa'
For further information:
The Parkmead Group plc 020 7494 5770
Niall Doran CEO
Gordon Ashworth, CFO
Madano Partnership 0207 593 4000
Matthew Moth
Charles Stanley Securities (Nominated Adviser) 0207 149 6482
Rick Thompson / Henry Fitzgerald-O'Connor
This information is provided by RNS
The company news service from the London Stock Exchange