North Sea independent Parkmead says it is looking for possible new takeover deals after raising $66million (£39.7million) through a new share issue.

The firm, which was taken over by chairman and Dana Petroleum founder Tom Cross four years ago, joined the FTSE AIM 100 earlier this month.

Interest in the new share placing, which is expected to be launched on February 14, has already been oversubscribed.

Parkmead’s takeover of Lochard Energy opened up the Athena field to Parkmead last summer, with the company now targeting similar opportunities following the share issue.

“This important, oversubscribed placing with major institutional investors will place Parkmead in a strong position, with over $66million of firepower to accelerate its growth through the development of its existing asset base, the planned applications in the recently opened UKCS 28th Licensing Round and further corporate opportunities,” said Cross.

The company is operator on the Skerryvore North Sea prospect, around 250km east of Aberdeen, which is expected to have up around 66million barrels of recoverable oil.

Parkmead said it intended accelerating the high-impact drilling programme on the prospect, along with looking to bid for new licences in the 28th round which opened last week.

It is also in talks over workover operations planned for the Athena field later this year to restore the North Sea find to its previous production levels, along with the potential drilling of a new well.

http://www.energyvoice.com/2014/01/40m-boost-parkmead-looks-step-skerryvore-prospect/