Preliminary Results for the
year ended 30 June 2017

Posted: 17/11/17

Parkmead, the UK and Netherlands focused independent energy group, is pleased to report its preliminary results for the year ended 30 June 2017.




Parkmead delivers full-year gross profit and demonstrates financial strength 



Doubled gas volumes at Diever West. Significant increase in gas production



Major progress on valuable development projects. Additional licence acquisitions



Substantial oil and gas reserves and resources



Well positioned for further acquisitions 



Parkmead’s Executive Chairman, Tom Cross, commented:


“2017 has been an important year of progress for Parkmead. The Group moved into gross profit as a result of increased gas production and the cost reduction programme in the UK. 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 the challenging oil price environment.


We are delighted to have significantly increased production at the Diever West gas field, which increases Parkmead’s cash flow. New reservoir modelling indicates that Diever West could be more than double the size originally expected.


We are also pleased to have been able to increase our stakes in core areas of the Group’s portfolio during the year, particularly around the Greater Perth Area oil hub in the UK North Sea, where Parkmead has strengthened its position. The Group is in discussions with leading, international service companies and oil companies with regards to the Greater Perth Area.


The team at Parkmead is working intensively to evaluate and execute further value-adding opportunities which could provide additional cash flow to the Company. Parkmead is analysing both oil and gas, and wider energy sector opportunities, which could broaden and enhance the Group’s revenue stream.


Parkmead is well positioned for growth. 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 balanced, 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

Atholl Tweedie


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

David Simonson

George Yeomans


 For full details please find the pdf version attached here