Preliminary Results for the
year ended 30 June 2023

Posted: 17/11/23

Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased

to report its preliminary results for the year ended 30 June 2023.



Increased revenues and cash flow


Netherlands E&P Business – drilling success and excellent operating margin


UK Skerryvore exploration well on track


UK Renewable Energy Portfolio


Well positioned for further acquisitions and opportunities


Parkmead’s Executive Chairman, Tom Cross, commented:

“I am pleased to report Parkmead’s results for the financial year to 30 June 2023. We have achieved

increased revenues and cash flow, whilst ensuring the Company is forging ahead with new growth


The Netherlands assets have continued to deliver consistent and efficient gas production, with exciting

additional prospectivity identified across our Dutch portfolio. In particular, the maturing exploration

targets on the Drenthe VI licence confirms the high quality of these assets. The Papekop development

has the potential to add significant revenues to Parkmead from 2027 onwards.

Parkmead has achieved its first full year of revenue from the Kempstone Hill Wind Farm. This asset

complements the Group’s low-cost onshore gas operations in the Netherlands and strengthens our

balance sheet position. We will build upon the success of these two business areas, of natural gas and

renewables, through organic and inorganic growth as the Company transitions to being a clean energy


In addition, we remain committed to maximizing the opportunities within the Company’s oil & gas

portfolio on our pathway towards energy transition. We are excited by the progress being made on

Skerryvore towards drilling. There is major upside potential, given Parkmead’s high equity position in a

number of its prospects and the sizeable tax losses that could be deployed on the Company’s projects in

due course.

Parkmead continues to maintain a strong balance sheet which aids the pursuit of value-adding

acquisitions. Our team is working hard on the near-term opportunities that lie within our existing

portfolio, and is focused on the substantial value-creation that could be achieved for shareholders.”


For enquiries please contact:


The Parkmead Group plc                                                                      +44 (0) 1224 622200

Tom Cross (Executive Chairman)

Andrew Smith (Executive Director - Business Development)


Cavendish Capital Markets Limited                                                     +44 (0) 20 7220 0500

Marc Milmo / Seamus Fricker – Corporate Finance

Andrew Burdis / Barney Hayward – ECM


Please see the full statement, including financial statements, here. The file is also located in the financial reports section of the Company's website.