The Parkmead Group announce interim results for the 6 month period ended 31 December 2012

Thursday, March 28, 2013
  • Acquisition of DEO Petroleum plc completed in August 2012, providing Parkmead with the operatorship and a 52% working interest in the large Perth oil field area in the UK's Central North Sea.
  • Revenue increased 48% to £1.97 million (H1 2011: £1.33 million)

The Parkmead Group plc, an emerging independent oil and gas company, is pleased to report its interim results for the six months ended 31 December 2012.

Highlights

  • Acquisition of DEO Petroleum plc completed in August 2012, providing Parkmead with the operatorship and a 52% working interest in the large Perth oil field area in the UK's Central North Sea
  • First production achieved in September 2012, following the completion of the acquisition of a portfolio of Netherlands onshore assets from Dyas B.V. providing cash flow to the Group
  • Successful first UKCS appraisal well, at the Platypus gas field, in August 2012
  • Major award of new licences in the UK Continental Shelf (UKCS) 27th Round in October 2012, all with Parkmead approved as operator. Overall, Parkmead gained stakes in 25 blocks across three core areas
  • Revenue increased 48% to £1.97 million (H1 2011: £1.33 million)
  • Total assets grew 199% to £40.0 million at 31 December 2012 (£13.4 million at end 2011)
  • Net assets rose by 247% to £22.0 million at 31 December 2012 (£6.3 million at end 2011)
  • Successful equity placing and debt for equity conversion, completed in January 2013, providing finance for growth of £19.925 million

Tom Cross, Executive Chairman of Parkmead commented:

"I am pleased to report excellent progress in the period to 31 December 2012. Parkmead has significantly increased its reserve base and also added production to the Group's portfolio, providing cash flow from E&P operations from September 2012 onwards. These key achievements have been delivered through the completion of two important acquisitions in the UK and Netherlands. Parkmead was also delighted to be awarded several new licences under the UKCS 27th Licensing Round, covering some 25 blocks across the UKCS. In addition, the Company achieved successful drilling results at its first appraisal well at the Platypus gas field in the UK Southern North Sea, providing a valuable near-term development opportunity.

In December 2012, the Group announced a successful equity placing and debt for equity conversion, which was completed the following month. We were very pleased and encouraged by the support that Parkmead received from a number of high quality institutional investors in the oversubscribed placing. This new financing has put Parkmead in a strong position, with funding in place to drive additional growth."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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