Preliminary Results for the
year ended 30 June 2018

Posted: 16/11/18

Parkmead, the UK and Netherlands focused independent energy group, is pleased to report its preliminary results for the year ended 30 June 2018.




Parkmead increases revenue by 70% and more than trebles gross profit



Achieved a record new high in gas production



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



   Substantial increase in oil and gas reserves and resources



Awarded nine new UK oil and gas blocks in 30th Licensing Round



Well positioned for further acquisitions and opportunities




Parkmead’s Executive Chairman, Tom Cross, commented:


“I am pleased to report an excellent year of progress for Parkmead. The Group has increased revenue by 70% and more than trebled its gross profit, as a result of enhancing its gas production in the Netherlands. This is an outstanding achievement, creating a strong foundation from which to build momentum. 


Parkmead benefits from increasing balance within the Group, with four complementary areas of the business: Netherlands Gas, UK Oil and Gas, Benchmarking and Economics, and Future Opportunities. The combination of these components adds strength and quality to Parkmead’s operations. 


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


We are also pleased with the major advances made with the Greater Perth Area project. By increasing our stake in the Perth and Dolphin oil fields, Parkmead’s oil and gas reserves have grown by some 67%. The Group is in discussions with leading, international service companies and oil companies in relation to driving forward the GPA project.


The team at Parkmead is working intensively to evaluate and execute further value-adding opportunities, which could provide additional upside to the Company. These are primarily energy-related and include wider opportunities, which could broaden and enhance the Group’s asset base and revenue stream.


Parkmead is well positioned for the future. We have excellent UK and Netherlands regional expertise, significant cash resources, and a growing portfolio of assets. 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

Dominic Morley

Atholl Tweedie


Instinctif Partners Limited (PR Adviser to 

Parkmead)+44 (0) 20 7457 2020

David Simonson

George Yeomans



For full details, please see the pdf version of the announcement here