Parkmead Group (PMG), run by Tom Cross of Dana Petroleum fame, has raised $66m (£40m) in an oversubscribed placing at 255p with institutional investors to further accelerate the company's growth.
Parkmead's relentless pace of development continues to exceed our expectations with the UK-focused oil group acquiring a further 20 per cent interest in the underperforming Athena oil field in late December, trebling its production there. The partners are planning a workover programme in 2014 to boost Athena's production and are also considering drilling a new producing well. What's more, Parkmead disclosed it is strongly considering using the proceeds of the financing to conduct "further M&A activity" as well as speed up the exploration drilling schedule.
