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Parkmead losses deepen on higher exploration bill

By BFN News | 07:36 AM | Friday 16 November, 2018


Oil and gas producer Parkmead Group reported a deeper annual loss after it almost doubled spending on exploration. Pre-tax losses for the year through June amounted to £5.9m, compared to £4.3m of losses on-year. Revenue rose 70% to £7.0m and gross profit, which strips out exploration spending and other costs, more than tripled to £4.1m. Production at the Diever West gas field in the Netherlands was enhanced, the company said, and achieved a new gross average monthly high in May 2018 of 56.9m cubic feet per day. Story provided by StockMarketWire.com

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