- Home
- |
- news
- |
- latest news
Interim Results for the six
month period ended 31 December 2013
Posted: 28/03/14
Parkmead, the UK and Netherlands focused oil and gas group, is pleased to report its interim results for the six-month period ended 31 December 2013.
HIGHLIGHTS
Major Growth in Production. Significant Progress with Developments
- Completed the acquisition of Lochard Energy Group PLC, providing Parkmead with a substantial increase in production, revenue and cash flow.
- Trebling Parkmead’s oil production from the Athena oil field, by acquiring a further 20% interest from EWE VERTRIEB GmbH.
- Continued progress with the Greater Perth Area. Joint development study ongoing with Faroe Petroleum plc covering the Perth, Lowlander and Dolphin oil fields.
- Platypus Gas Field Development Plan (FDP), preparation underway.
- Following the completion of the EWE acquisition, Parkmead’s net oil and gas production will have grown by over 700%.
Successful Exploration and Appraisal Programme
- New gas discovery made in the UK Southern North Sea by the Pharos exploration well.
- Awarded five more oil and gas blocks in the UKCS 27th Licensing Round, resulting in a total award of 30 blocks across the North Sea, West of Scotland and West of Shetlands.
- Work being accelerated on the high-impact Skerryvore oil prospect in the UK Central North Sea, with an exploration well planned.
- Preparing multiple applications for new licences in the UKCS 28th Licensing Round.
Strong Financial Performance delivering Maiden Profit
- Revenue increased by 395% to £9.9 million (2012: £2.0 million).
- Maiden profit before tax of £3.1 million (2012: loss £2.8 million).
- Total assets grew by 104% to £81.5 million at 31 December 2013 (2012: £40.0 million).
- Cash balances of £12.7 million as at 31 December 2013.
- Post period-end, raised approximately £40.0 million (US$66.0 million), in an oversubscribed equity issue, to accelerate opportunities to develop the existing asset base and explore valuable M&A opportunities.
- In advanced discussion with lenders regarding debt facilities to increase financial firepower and further strengthen the balance sheet.
Tom Cross, Executive Chairman of Parkmead commented:
"I am delighted to report excellent progress in the period to 31 December 2013. Parkmead has significantly increased its oil and gas production, delivering enhanced cash flow to the Group. This has been achieved through two key acquisitions of UK producing assets and Parkmead has generated a maiden profit before tax of £3.1 million.
Parkmead has also been driving ahead its exploration portfolio, with the successful gas discovery at Pharos and the award of five additional oil and gas blocks under the UK 27th Licensing Round. The discovery at Pharos could add further value to the Platypus gas field, strengthening Parkmead’s position in the UK Southern Gas Basin. The award of additional acreage in the UK 27th Round, bringing the total blocks awarded to 30, capped an important year of exploration activity for the Group.
In February 2014, Parkmead completed a highly successful and oversubscribed placing, raising approximately US$66.0 million. The Company was pleased and encouraged by the support it received from a number of high quality institutional investors. This new financing has put Parkmead in a strong position to deliver additional growth."
For full details download the PDF Here