Scottish oil & gas group Parkmead closes £134 million sale
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"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," executive chairman Tom Cross said. "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."
Mr Cross, who is well-known for building and then selling Dana Petroleum to the Korea National Oil Corporation for £1.6 billion, first announced last year that Parkmead was in discussions to sell its North Sea oil assets. The company has retained its Dutch gas assets, and is also involved in wind generation with its Kempstone Hill farm in Aberdeenshire.
"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," Mr Cross added. "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."
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