Parkmead, the Aim-quoted firm run by Dana Petroleum founder Tom Cross, has completed the acquisition of its first production wells, taking Cross a step closer to turning the investment vehicle into a fully-fledged oil company.
The $7.5 million (£4.8m) deal to buy four gas fields and two oil fields in the Netherlands from Dyas was unveiled in March.
Cross, who is executive chairman of Parkmead, said: “We are pleased to have secured stakes in these attractive licence areas that give Parkmead its first gas production and near term oil field developments.”
Shares in Deo Petroleum, the Aberdeen-based oil explorer that has agreed to be bought by Parkmead, were also suspended this morning.
News of the Dyas deal being completed comes just days after Cross {http://www.scotsman.com/business/management/cross-delighted-as-parkmead-finds-success-with-its-first-north-sea-well-1-2445405|hailed the success of Parkmead’s first exploration well in the North Sea|hailed the success of Parkmead’s first exploration well in the North Sea}.
The company unveiled “strong” results from its Platypus gas appraisal well in the southern North Sea, where drilling began in April.