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Parkmead substantially narrows H1 pretax loss

By BFN News | 07:42 AM | Thursday 24 March, 2016

Parkmead has substantially narrowed its H1 pretax loss to GBP4.6m, from a loss of GBP17.0m. Revenue fell to GBP6.99m, from GBP10.12m. The comparative period included GBP12.9m of property, plant and equipment impairment. Executive chairman Tom Cross commented: "Parkmead has developed a new gas field at Diever West, in the Netherlands, following its successful discovery. This is delivering profitable gas production and important additional cash flow to the Group. "We successfully brought this new gas field onstream within 14 months of discovery, which is an outstanding achievement. "Parkmead is increasing the Group's overall gas production in the Netherlands through a low-cost, onshore work programme. This will act as a natural hedge to the current low global oil prices. "We are delighted with our new additional licence award, in the West of Shetland region, which further increases the scale of Parkmead's oil and gas operations in the UK. West of Shetland is an area we understand well and has the potential to add major value to the Company. "Parkmead is well positioned to take advantage of the lower oil price environment and the opportunities that are arising from this. "We have excellent regional expertise, 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 long-term value for our shareholders." Story provided by

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