Scottish oil & gas group Parkmead closes £134 million sale
Two contingent payments are linked to Parkmead's 50% stakes in Skerryvore and Fynn Beauly, and are payable upon receipt by Serica of approval by the North Sea Transition Authority for any field development plans relating to those projects. This will be calculated at £0.8/bbl of reserves, up to a cap of £30m in relation to Skerryvore and £90m in relation to Fynn Beauly.
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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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Metro
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Scottish Sun
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Amsterdam MEGA brothel takes huge leap towards becoming reality: 5-floor red light romp-factory to house 100 sex workers
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Incredible plans have been revealed for Erotisch Centrum - a multi-million dollar building with multiple bars and erotic entertainment venues - including a strip club. 7 Sex workers are seen behind windows at the red light district in Amsterdam Credit: Corbis - Getty 7 The Moulin Rouge Bar and sex shop in Amsterdam's red light district Credit: Alamy 7 A concept photo shows the five-story mega-brothel that is being planned to replace the city's red light district Credit: Moke Architechten 7 Amsterdam City Council has long been planning to build a massive brothel to relocate prostitutes away from the city's current red light district. And from this week, residents will be able to respond to the plans that are being backed by the city's mayor herself. According to Femke Halsema, the space will ensure safer working conditions, reduce criminality and tackle human trafficking. Concept designs revealed in 2020 showed two towers in red and black with spiral ramps. read more world news GHOST GROPER I worked in brothel where Lamar Odom overdosed - it's HAUNTED by former owner It comes as part of Dutch attempts to clear their capital's reputation and improve its image as a historical city. The city eventually plans to shut down the centuries-old red light district, which is popular for its neon-lit windows where sex workers stand and try to attract customers. But many residents - and prostitutes - have already voiced their concerns about the plans. World's largest brothel in Cologne Germany fully booked for Euros In December 2023, Mayor Halsema proposed that the building should be built in Zuid - an affluential district in the south of the city. The plans for a building solely dedicated to sex work were supposed to provide safe working conditions. But it has attracted a wealth of criticism claiming that it does the exact opposite. 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The European Medicines Agency, who moved to the Zuid district in 2019, have said that they are "extremely concerned" by the plans. A spokesman for the agency said: 'EMA is very concerned that this will create safety, security and nuisance issues. 'The change of the location of the red light district is motivated by concerns of nuisance, drug-dealing, drunkenness and disorderly behaviour. 'Locating the Erotic Centre in close proximity to EMA's building is likely to bring the same negative impacts to the adjacent area. 7 A sex worker standing infront of a mirror in the red light area Credit: Getty - Contributor 7 Amsterdam's red-light district at night Credit: Getty 7 The plans for a building solely dedicated to sex work was supposed to provide safe working conditions Credit: Getty '(We will be taking this to the) highest appropriate political and diplomatic level to ensure a safe working environment. 'EMA's work is essential for the protection of public health in the EU, and this should not be jeopardised by fears of staff and EU experts coming to EMA's building.' So far, only seven people have spoken out in favour of the plans - among them, a male sex worker called Richard Jones. Jones believes that the mega brothel could create more space for sex workers from minority groups. He said that these sex workers are currently working in homes, either their own or their clients, and that this poses a big safety risk. Jones went on to argue that if they had access to a large space, tailor-made for sex work, these minorities would be much safer. He also added: 'People who say they don't want it in their neighbourhood don't realise it is already happening…with their husbands, their friends, with them themselves. "At the moment, your houses are our workplaces.'
