Parkmead set for control of Perth in North Sea

Offshore staff

ABERDEEN, UK – Parkmead has agreed to acquire fellow UK independent DEO.

DEO’s main asset is its 52% operated interest in the Perth field development in the UK central North Sea. Phase 1 development is targeting recovery of 21.5 MMbbl net to DEO. The development is based around an FPSO.

David Marshall, CEO of DEO, said: “I believe that the combination with Parkmead will improve the deliverability of the Perth project and allow both management teams to use their complementary skills to address new and exciting project opportunities.”

Tom Cross, executive chairman of Parkmead, said: “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.”

The acquisition remains subject to approval from shareholders and the UK Department of Energy and Climate Change.

5/29/2012

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