"Advises and invests in technology and energy based companies and currently has a 2.5% stake in North Sea oil and gas company Faroe Petroleum.."
http://www.parkmeadgroup.com/parkmeadgroup/

"Mr. Tom Cross has become Executive Chairman. Mr. Cross has been a non-executive director of the Group since October 2006. He will take up office as Executive Chairman on 9 November 2010.
Mr. Cross is founder and Chief Executive Officer of Dana Petroleum plc, which is currently being acquired by the Korea National Oil Corporation in a deal worth approximately $3 billion dollars. He is a Chartered Director and petroleum engineer with extensive energy sector experience, spanning projects in more than 20 countries. In 2005, Tom was elected Chairman of BRINDEX, the Association of British Independent Oil Companies and he continues in that role. He is a Fellow of the Institute of Directors and has served as a Chairman of the Society of Petroleum Engineers and an advisor to BBC Radio on oil and gas affairs."

The Board of Parkmead reports that Mr Brian Wilson and Mr Faysal Hamza are retiring from the Board as Non-Executive Directors with effect from 21 December 2010.

Mr Wilson and Mr Hamza have served Parkmead with distinction, through a period of significant change in the Group, culminating with the successful acquisition and integration of Aupec Limited. They will continue to play a role within the Group in an advisory capacity.

The Board is also pleased to announce the appointment of Mr Philip Dayer and Mr Ian Rawlinson as Non-Executive Directors of the Group with effect from 21 December 2010.

Philip Dayer was a Non-Executive Director of Dana Petroleum plc from 2006 until its recent sale. Mr Dayer has over 20 years of public market and corporate finance experience.
Ian Rawlinson was also until recently a Non-Executive Director of Dana Petroleum plc, serving from 2005 until its sale in 2010.

does it now? ..... on 16th may sp was about 18.5, yet even after this morning's little rise, sp is only 16.5 ...... i'll say it again, and be happy to have egg all over my face - pmg's sp is (currently) all held together by smoke and illusion

I would say 'hope and expectation' rather than 'smoke and illusion', but I agree that PMG have achieved little so far. But as Tom Cross virtually walks on water as far as the market is concerned, the theory is that if anyone can do it, he can.

i see little difference between "h+e" and "s+i" except the latter is perhaps a more realistic description especially if you are just relying on someone who allegedly walks on water

Exercise of Options
The Board announces that, following the exercise of options under the Group's share option schemes, 500,000 ordinary shares of 0.1 pence each in the Group have been issued and allotted.

Accordingly, application has been made for the 500,000 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 03 June 2011.

The new ordinary shares will rank pari passu with the existing shares of the Group. Following this allotment, the total issued share capital of Parkmead will be 609,601,823 ordinary shares.

FPM struck oil in Shetland. Would expect PMG sp to now reflect their interest in this find.

Chart wise its getting off the lows.

Only news of an acquisition will get this going, imo. Even Faroe Pet hitting oil off Shetland didn't have much of an effect.

I agree there Harry..

ot...have you seen NEW today could be the next Parkmead.

you mean NEW is another cardboard company?

Yes I have 500 invested in NEW I have booked a holiday to go to the Valley of the Kings .

the necropolis in cairo may be as far as you get

On the banks of the river nile.

StockMarketWire.com
Parkmead executive chairman Tom Cross has replaced chief executive Niall Doran who has stepped down with immediate effect.

The board thanked Doran for his efforts on behalf of the company over the last five years and wish him every success in his future endeavours.

hmmmmmmmmmmm - few more people step down like this and the sp will fly!!

He has 33,485,616 Exercisable Stock Options, so might not see a rise yet if the parting of the ways was not amicable.

This is better.

Parkmead Acquires Stake in Platypus Gas Field and Possum Gas Prospect, with Near-Term Drilling

The Parkmead Group plc is pleased to announce that it has completed an agreement with XTO UK Ltd., a subsidiary of Exxon Mobil Corporation, to acquire a 15% interest in Blocks 48/1a, 47/5b and 48/1c in the UK Southern North Sea. These blocks contain the Platypus gas field and the Possum gas prospect.

This acquisition marks an important step in Parkmead's first stage of its development to become a significant new independent oil and gas company. The Parkmead technical and commercial teams have a long history and detailed knowledge of these assets and therefore these blocks are an ideal fit for the Group's growth strategy.

The Platypus Rotliegendes gas accumulation was discovered in 2010 by the Dana Petroleum plc operated 48/1a-5 well, which encountered 218 vertical feet of gas bearing sands. The Platypus gas field, which lies 18km north north west of the West Sole gas field and 15km west south west of the Babbage gas field, has the potential to contain up to 180 billion cubic feet of gas in place. The 48/1a-5 well was suspended by Dana Petroleum and its partners in 2010 for potential re entry and future use as a gas production well.

The Possum structure is a Rotliegendes gas prospect, immediately adjacent to the Platypus gas field, with estimated resources of approximately 100 billion cubic feet of gas in place.

The operator, Dana Petroleum, holds a 45% stake and has secured a rig to drill a well on the Platypus / Possum complex scheduled to commence in Q1 2012. This well will be drilled horizontally through the Rotliegendes gas reservoir to confirm deliverability and is expected to be retained for use as a gas producer.

The Parkmead Group plc is pleased to have announced the acquisition of a stake in the Platypus gas field and the Possum gas prospect (the "Acquisition") earlier today. This Acquisition is an important step in Parkmead's first stage of its development to become a significant new independent oil and gas company.

In addition, the Group is now pleased to announce the provision of a loan to Parkmead of £8 million by Tom Cross, Executive Chairman of the Group, and entities affiliated to him (the "Loan"). The Loan will be utilised to satisfy the consideration for the Acquisition and for the ongoing development of the assets acquired, including drilling. It will also be used for funding general working capital and future corporate purposes. The Loan will have a tenor of two years, with an interest rate of 2.5 per cent. above LIBOR and it will be secured by a standard floating charge provided by the Group.

As previously announced, since the appointment of a number of high calibre oil and gas industry executives to the Parkmead team, the Group has been actively evaluating opportunities to build a portfolio of oil and gas assets in proven and frontier oil and gas basins. As part of this process, the Parkmead Board has also been assessing the optimum funding structure based on the nature and size of these opportunities. The Group is currently debt free. Given the size of the Acquisition and the requirement to complete it as quickly and efficiently as possible prior to the upcoming appraisal drilling, the "Independent Directors" (being the entire Parkmead Board except for Tom Cross) have concluded that the Loan from Tom Cross and entities affiliated to him is clearly the best option for the Group and for shareholders as a whole. It enables Parkmead to conclude the Acquisition rapidly and also to finance the subsequent exploitation of the assets being acquired, as well as augment the Group's existing working capital facilities.

Great news.

The Parkmead Group plc, a new independent oil and gas company, is pleased to report its preliminary results for the year ended 30 June 2011.

HIGHLIGHTS
* Proven oil and gas team recruited to deliver the Group's growth plans
* Acquisition of a strategic stake in the Platypus gas field and Possum gas prospect offering near term drilling and significant upside potential
* Joint venture created with DEO Petroleum plc, providing a strong and focused alliance for growth in the UK Central North Sea
* Revenue increased 58% to �3.75 million (2010: £2.36 million)
* Total Assets rose to �12.33 million at 30 June 2011 (£11.34 million at 30 June 2010)
* Cash balances of £1.3 million as at 30 June 2011
* The Group is now fully funded following the provision of a shareholder loan for £8 million
Parkmead's Executive Chairman, Tom Cross commented:
"The last year has been a period of strategic transformation for the Group. I am delighted to have become Parkmead's Executive Chairman and relish the opportunity to drive the business forward into an exciting new chapter of its development. 2011 has been a successful year and I believe we are now well positioned with the essential skills and resources to build a significant new independent oil and gas company.
I am pleased to report on Parkmead's improved operating capability for the year to 30 June 2011. The Group's Turnover and Gross Profit both increased substantially and Net Assets have also increased.
We remain focused on the pursuit of value-adding acquisitions, at both asset and corporate levels, in line with the Group's strategy. The Board is pleased to be able to report that our first asset transaction in our core target market was completed earlier this month. In addition, the Group is now fully funded for its forward programme of drilling activities and is well positioned to capitalise on further strategic opportunities."