The Parkmead Group buys Netherlands gas royalty from Vermillion StockMarketWire.com - Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, has announced it has agreed to buy a royalty associated with the group’s existing interests in the Drenthe IV, Drenthe V and Andel Va Licenses in the Netherlands from Vermillion Energy.
The licences contain the Grolloo, Geesbrug and Brakel onshore gas fields.
Tom Cross, executive chairman, commented: 'This innovative deal enhances our gas interests in the Netherlands and adds significant value to Parkmead. The Group is also benefitting from the very strong recovery in gas prices.’ ‘We continue to build a portfolio of high-quality energy projects through acquisitions, organic growth and active asset management.’ The royalty was previously held by NAM (a Shell and ExxonMobil joint venture) and came with the licences when they were acquired by Parkmead.
The acquisition is for €565k and will be satisfied through a part cash payment of approximately €150k, to be paid, in part, from the remaining 2021 net revenue from Parkmead's working interest in the Geesbrug gas field.