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Parkmead Group swings to heavy H1 pretax loss

By BFN News | 07:25 AM | Friday 27 March, 2015

Parkmead Group has swung to a heavy H1 pretax loss of £17.0m, from a year-earlier profit of £3.1m. Revenue was £10.1m, from £9.9m. Executive chairman Tom Cross said the period was one of significant progress. "Parkmead discovered a new onshore gas field at Diever West, in the Netherlands, which delivered excellent production flow rates, providing an additional near-term cash flow opportunity to the Group. "Parkmead expects to treble the Group's net gas production in the Netherlands through a low-cost work programme during 2015. This will act as a natural hedge to the low oil price environment. "Parkmead's new licence awards in the 28th Round were an outstanding result for our Company, with nine new offshore oil and gas blocks awarded to the Group. We were delighted with the awards located close to our large PDL development, as they have the potential to add significant value to the project. Contingent resources have increased by 142%. "Parkmead is well positioned to take advantage of the lower oil price environment and the opportunities that are arising from this. We have significant cash resources, and a growing low-cost gas portfolio. The Group will continue with its licensing and acquisition-led growth strategy, securing opportunities that maximise value for our shareholders." Story provided by

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