Interim Results for the six-month
period ended 31 December 2021

Posted: 25/03/22

Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to report its interim results for the six-month period ended 31 December 2021.





Revenue tripled, gross profit up 389% and profits recorded at operating and pre-tax levels



New two-well drilling campaign in the Netherlands; gas royalty acquisition proving highly beneficial



Oil price upside from Perth project; excellent progress on large Skerryvore prospect



Operational wind farm acquired, delivering immediate electricity revenue



Substantial oil and gas reserves



Well positioned for further acquisitions and opportunities




Parkmead's Executive Chairman, Tom Cross, commented:


"I am delighted to report excellent growth in the six-month period to 31 December 2021. We have delivered a tripling of our revenue, led by our high-quality Dutch assets and the significant rise in gas prices.


The innovative royalty deal we completed last summer is proving to be highly advantageous and is adding considerable value to Parkmead. Parkmead is 100% unhedged and is directly benefitting from these additional gas sales at higher prices.


We now plan to increase our activity in the Netherlands with a firm drilling campaign planned for 2022/23.


Parkmead's acquisition of the Kempstone Hill wind farm provides another revenue-generating asset to the Group, which has a long-life and a very steady stream of cash flow. This operational wind farm is complementary to our earlier stage, high-upside renewable energy projects.


Our team continues to carefully evaluate further potential gas, oil and renewable energy acquisitions that would enhance our existing business.


Parkmead is well positioned for the future. We have excellent UK and Netherlands regional expertise, strong financial discipline, and a growing portfolio of high-quality assets. The Group will continue to    build upon the inherent value in its existing interests with a balanced, acquisition-led, growth strategy to secure opportunities that maximise future value for our shareholders"






The Parkmead Group plc       +44 (0) 1224 622200


Tom Cross (Executive Chairman)


Ryan Stroulger (Chief Financial Officer)    



finnCap Ltd  (NOMAD and Broker to Parkmead)      +44 (0) 20 7220 0500


Marc Milmo / Seamus Fricker - Corporate Finance


Andrew Burdis / Barney Hayward - ECM



Please see the full pdf version of the announcement here, or in the Financial Reports section of the website.