The Parkmead Group announces preliminary results for the year ended 30 June 2013

Friday, November 15, 2013
  • Major licence awards in the UKCS 27th Licensing Round, gaining stakes in 25 blocks across the Central North Sea, West of Scotland and West of Shetlands.
  • Completed the acquisition of Lochard Energy Group PLC, providing Parkmead with a substantial increase in production, revenue and cash flow.
  • Revenue increased 38% to £4.1 million (2012: £2.9 million).

Parkmead report its preliminary results for the year ended 30 June 2013.

HIGHLIGHTS

Exploration and Appraisal

  • Major licence awards in the UKCS 27th Licensing Round, gaining stakes in 25 blocks across the Central North Sea, West of Scotland and West of Shetlands
  • Work being accelerated on the high-impact Skerryvore oil prospect in the UK Central North Sea
  • Successful first appraisal well at the UK Platypus field, flowing 27 million cubic feet of gas per day
  • Platypus Field Development Plan (FDP) preparation already underway
  • Exploration drilling in progress at the Pharos gas prospect, just 14km from the Platypus field

Development and Production

  • Completed the acquisition of Lochard Energy Group PLC, providing Parkmead with a substantial increase in production, revenue and cash flow
  • Completed the acquisition of DEO Petroleum plc, adding significant oil reserves in the UK North Sea
  • Completed the acquisition of a portfolio of Netherlands assets from Dyas B.V., comprising 4 producing gas fields and 2 oil & gas developments
  • Continued progress with the Greater Perth Area. Evaluating potential joint development of the Perth and Lowlander oil fields
  • Net oil and gas production grew by approximately 400%

Financial Growth

  • Revenue increased 38% to £4.1 million (2012: £2.9 million)
  • Total assets grew 133% to £53.4 million at 30 June 2013 (£22.9 million at 30 June 2012)
  • Cash balances of £13.3 million as at 30 June 2013
  • Raised approximately £15.925 million in January 2013, providing finance for further growth
  • In advanced discussion with lenders regarding debt facilities to increase financial firepower

Parkmead's Executive Chairman, Tom Cross commented:

"I am pleased to report excellent progress in the year to 30 June 2013. Parkmead has significantly increased its reserve base and also added production to the Group's portfolio, providing first cash flow from E&P operations.

These key achievements have been delivered through the completion of three important acquisitions, securing two oil companies in the UK and a portfolio of gas and oil fields in the Netherlands.

Parkmead was also delighted to be awarded several new licences through the UK 27th Licensing Round, covering some 25 blocks across the UKCS. 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.

Parkmead has created a strong platform from which to become a key E&P player in the North Sea, and we look forward to updating shareholders as we continue to grow into 2014 and beyond."

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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