Interim Results for the six-month
period ended 31 December 2017

Posted: 29/03/18

Parkmead, the UK and Netherlands-focused independent energy group, is pleased to report its interim results for the six-month period ended 31 December 2017.




Parkmead doubles gross profit and demonstrates financial strength



67% increase in oil and gas reserves



Major progress on valuable development projects; potential Greater Perth Area tie-back



Doubled gas volumes at Diever West. Gross production reaches 45 MMscfd



Well positioned for further acquisitions



Parkmead’s Executive Chairman, Tom Cross, commented:


“I am pleased to report excellent progress in the period to 31 December 2017. The Group has doubled gross profit, through a combination of Parkmead’s increased gas production in the Netherlands and the proactive cost reduction programme in the UK.


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


We are also pleased with the major progress made with the Greater Perth Area project. By increasing our stake in the Perth and Dolphin oil fields, Parkmead’s oil and gas reserves grow by some 67%.


The study with Nexen will examine one path to potentially unlock the substantial value of the GPA project for the benefit of the UK and Parkmead shareholders, as well as providing further value for the existing infrastructure partners.


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


Parkmead is well positioned for the future. 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

Atholl Tweedie


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

David Simonson

Laura Syrett

George Yeomans


For full details, please find the pdf attached here