Annual report 2016
Click the cover.

Preliminary Results for the
year ended 30 June 2016

Posted: 18/11/16

Parkmead, the UK and Netherlands focused oil and gas group, is pleased to report its preliminary results for the year ended 30 June 2016.

 

HIGHLIGHTS 

 

Successful fast-track development. Substantial increase in gas production

 

 

Attractive new licence awards strengthen asset base

 

 

Major progress on valuable development projects. Additional licence acquisitions

 

 

Increasing oil and gas reserves and resources

 

 

Well positioned for further acquisitions 

 

 

Financial Strength 

 

 

Parkmead’s Executive Chairman, Tom Cross, commented:

 

“I am pleased to report an excellent year of progress for Parkmead, despite the challenges of the low oil price environment. Parkmead discovered and brought onstream a new gas field at Diever West, in the Netherlands, within just 14 months. This field is delivering profitable gas production and important additional cash flow to the Group. 

 

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

 

The Group’s reserves and resources have significantly increased in 2016 through two licence acquisitions. Parkmead has strengthened its position around the important PDL oil hub in the UK North Sea. 

 

Our new licence awards in the 28th Round were an outstanding result for Parkmead, with 10 new offshore oil and gas blocks awarded to the Group. We are delighted with the new award in the West of Shetland region targeting two prospects, Sanda North and Sanda South. 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 ongoing 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 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 find the pdf version here