The boss of Aberdeen-based Parkmead Group has hailed “excellent progress” by the firm – despite a £400,000 increase in pre-tax losses.
The UK and Netherlands focused oil and gas firm yesterday reported preliminary pre-tax losses in the year ending June 30th of £5.3million.
Revenues increased 38% to £4.1million, from £2.9million previously, with total assets up 133% to £53.4million, from £22.9million previously.
Acquisitions during the year included the Lochard Energy Group, DEO Petroleum and a portfolio of Netherlands assets from Dyas B.V. comprising four producing gas fields and two oil and gas developments.
“I am pleased to report excellent progress in the year,” said executive chairman Tom Cross. “Parkmead has significantly increased its reserve base and also added production to the group’s portfolio, providing first cash flow from exploration and production operations.”
The group raised around £15.925million finance in January to fuel growth, and yesterday said it was in advanced discussions with lenders over debt facilities to increase its “financial firepower”.
“Parkmead was also delighted to be awarded several new licences through the UK 27th licensing round, covering some 25 blocks across the UK continental shelf,” said Mr Cross.
“In addition, the company delivered successful drilling results with its first appraisal well at the Platypus gas field in the UK Southern North Sea, providing a valuable near-term development opportunity.”
Going into 2014 and beyond, the group maintained its appetite for acquisitions and it would continue to add shareholder value through a dynamic work programme, he said.
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