Parkmead starts production from new Dutch gas discovery

6th Apr 2023 15:40

(Sharecast News) - Independent energy company Parkmead announced the start of gas production from its new LDS-01 discovery in the Netherlands on Thursday.

The AIM-traded firm successfully drilled the LDS-01 structure towards the end of 2022.

It had since been tied into the neighbouring commercial gas production infrastructure over the course of several weeks.

"This new discovery is in its initial clean up period, and early flow rates suggest that Parkmead will benefit from a material increase in daily net production," the board said in its statement.

"We look forward to updating shareholders with further information in due course."

At 1522 BST, shares in the Parkmead Group were up 0.99% at 25.5p.

Reporting by Josh White for Sharecast.com.