Parkmead (LON:PMG) told investors it is evaluating more acquisition opportunities as it looks to take advantage of low oil prices.
Acquisitive North Sea oil junior said it is in a strong position, operationally and financially, and it views the current market environment as a good opportunity to continue the Group's strong growth trajectory.
The company has already completed six transactions since it set up as a new independent oil and gas company, and last year it also secured additional acreage via the UK government’s licencing round. It now owns at total of 61 oil and gas blocks, in the UK and Netherlands.
In the financial year, ended December 31, Parkmead generated £10.1mln of revenue and it reported a £14.9mln loss - including non-cash impairments relating to the Athena field and low crude prices. Excluding the impairments, the group would’ve made a £2mln loss.
Parkmead ended the year with £39.4mln in cash and equivalents.
Executive Tom Cross said: “Parkmead is well positioned to take advantage of the lower oil price environment and the opportunities that are arising from this.
“We have 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 value for our shareholders."