TOM Cross has accelerated his campaign to build another big oil and gas business by agreeing a deal in which the Parkmead Group that he runs will acquire interests in Holland.
Aberdeen-based Parkmead Group has agreed to buy stakes in four producing gas fields and two oil fields onshore in Holland from Dyas BV for up to €7.5 million (£6.3m).
The deal is the third Parkmead has agreed within four months. Mr Cross hopes to grow the firm to rival the success that he achieved at Dana Petroleum, which succumbed to a £1.9 billion hostile takeover by Korea National Oil Corporation (KNOC) in 2010.
Mr Cross underlined his confidence in Parkmead's prospects by agreeing to risk a further £3.5m of his personal wealth to help fund the deal and related developments. The entrepreneur made £60m when Dana was sold to KNOC.
Mr Cross has supported a placing through which Parkmead raised £8.5m from investors, at 14p per share. He lent £8m to Parkmead last year, during which it bought stakes in seven blocks in the UK North Sea in two separate deals.
"Both the acquisition and the placing are important to Parkmead as together they provide the company with its first producing assets and also with further funds to help establish itself as a North Sea operator as we seek to generate significant future value for all our shareholders," he said.
The placing proceeds will also fund Parkmead's share of the cost of drilling a well on the Platypus gas discovery in the southern North Sea and preparatory work in connection with applications for exploration licences in UK waters.
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