Annual report 2016
Click the cover.

Interim Results for the six-month
period ended 31 December 2016

Posted: 24/03/17

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 2016. 

 

HIGHLIGHTS 

 

Parkmead moves into gross profit and demonstrates financial strength 

 

 

Major progress on valuable development projects. Additional licence acquisitions

 

 

Profitable low-cost gas portfolio in the Netherlands. Successful fast-track development

 

 

Increasing oil and gas reserves and resources

 

 

Well positioned for further acquisitions 

 

 

Parkmead’s Executive Chairman, Tom Cross, commented:

 

“I am pleased to report significant progress in the period to 31 December 2016. We have increased gas production from Parkmead’s low-cost Netherlands portfolio through an onshore work programme, which has resulted in Parkmead moving into gross profit. This is an outstanding achievement for Parkmead at a time when global oil prices have remained low. 

 

Parkmead’s gas production acts as a natural hedge in this low oil price environment.

 

We are delighted to have been able to increase our stakes in core areas of the Group’s portfolio during the period, particularly around the important Greater Perth Area oil hub in the UK North Sea, where Parkmead has strengthened its position. The Group’s reserves and resources also increased significantly in 2016 through two licence acquisitions.

 

Parkmead is well positioned to take advantage of the ongoing lower oil price 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 to build upon the inherent value in its existing interests with a 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

James Greenwood

 

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

David Simonson

George Yeomans

 

For full details, please see the pdf version here