Annual report 2016
Click the cover.

Interim Results for the six-month
period ended 31 December 2015

Posted: 24/03/16

Parkmead, the UK and Netherlands focused oil and gas group, is pleased to report its interim results for the six-month period ended 31 December 2015. 

 

HIGHLIGHTS 

 

Successful fast-track development, substantial increase in gas production

 

 

Significant progress on valuable development projects and additional licence award 

 

 

Building substantial oil and gas reserves and resources

 

 

Well positioned for further acquisitions 

 

 

Financial strength 

 

 

Tom Cross, Executive Chairman of Parkmead commented:

 

“I am pleased to report significant progress in the period to 31 December 2015. Parkmead has developed a new gas field at Diever West, in the Netherlands, following its successful discovery. This is delivering profitable gas production and important additional cash flow to the Group. We successfully brought this new gas field onstream within 14 months of discovery, which is an outstanding achievement.

 

Parkmead is increasing the Group’s overall gas production in the Netherlands through a low-cost, onshore work programme. This will act as a natural hedge to the current low global oil prices.

 

We are delighted with our new additional licence award, in the West of Shetland region, which further increases the scale of Parkmead’s oil and gas operations in the UK. West of Shetland is an area we understand well and has the potential to add major value to the Company.

 

Parkmead is well positioned to take advantage of the lower oil price environment and the opportunities that are arising from this. We have excellent regional expertise, significant cash resources and a growing, low-cost gas portfolio. The Group will continue with its licensing and acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders.”

 

 

For enquiries please contact: 

 

The Parkmead Group plc      +44 (0) 1224 622200

Tom Cross (Executive Chairman)

Ryan Stroulger (Chief Financial Officer)

 

 

Panmure Gordon (UK) Limited 

(Financial Adviser, NOMAD and Corporate Broker to Parkmead)      +44 (0) 20 7886 2500

Adam James

Karri Vuori

James Greenwood

 

 

Instinctif Partners Limited (PR Adviser to Parkmead)      +44 (0) 20 7457 2020

David Simonson

George Yeomans

 

For full details please find the pdf version here