Posted: 17/11/23

Notice of Results and Trading Update

 

Parkmead, the independent energy group with operations in the Netherlands and the UK, would like to notify shareholders that it expects to publish its preliminary results for the year ended 30 June 2023 on or before 30th November 2023.

 

The results for the year are expected to show revenues of £14.77 million (2022: £12.13 million). Following the successful new gas discovery drilled at LDS-01, production from our Dutch assets in the second half was temporarily reduced in connection with the previously announced shut in. This was to facilitate the optimisation works necessary to accommodate the increased gas and condensate production from the tie-in of the new well. LDS-01 has very recently been brought into production and initial flowrates are higher than anticipated. A more detailed review of the good performance of the Dutch assets will be provided with the full results statement.

 

As announced in June 2023, the results for the year will also reflect the non-cash write down of approximately £33 million associated with the relinquishment of the P588 and P2154 licences in the Perth area of the UK North Sea.  As announced in March 2023, in the half-year results, a non-cash write down of approximately £13 million has been taken to reflect the planned relinquishment of licence P1293 (Athena area) following completion of abandonment operations offshore.

 

Parkmead looks forward to updating shareholders on a number of positive developments within the Group's renewable energy and oil and gas projects when the full year results are announced later this month.

 

Enquiries:

The Parkmead Group plc                                                                                                +44 (0) 1224 622200

Tom Cross (Executive Chairman)

Andrew Smith (Business Development Director)

 

Cavendish Capital Markets Ltd (NOMAD and Broker to Parkmead)                      +44 (0) 20 7220 0500

Marc Milmo / Seamus Fricker - Corporate Finance

Andrew Burdis / Barney Hayward- ECM

 

The full pdf version of the announcement can be viewed here.