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Parkmead Group widens FY pretax loss to £5.3m

By BFN News | 07:47 AM | Friday 15 November, 2013

Parkmead Group widened its FY pretax loss to £5.3m, from £4.9m. Revenue was £4.1m, from £2.9m. "Parkmead has significantly increased its reserve base and also added production to the Group's portfolio, providing first cash flow from E&P operations," it said. This trinity of achievements was 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." Story provided by

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