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Parkmead Group losses narrow

By BFN News | 07:56 AM | Friday 17 November, 2017

The Parkmead Group said annual losses narrowed after it focused its efforts on lower-cost operations in the Netherlands. The company booked a net loss of £4.9m, narrowing from a £6.7m loss a year earlier. Revenue more than halved to £4.1m, down from £10.4m, after the company shut-in its Athena oil field as part of a cost reduction programme. Parkmead re-allocated capital to its low-cost producing gas fields in the Netherlands, helping to lower its cost of sales to around £3m, from around £15m. "The directors of Parkmead are pleased with the group's continuing progress in building an energy company of increasing breadth and scale," executive chairman Tom Cross said. "Parkmead has a balanced portfolio of licences, growing gas production and a strong oil and gas reserves base. Therefore, we believe Parkmead is well positioned to build further on the progress to date and to capitalise on new opportunities." Story provided by

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