Proactive Investors - Run By Investors For Investors

Parkmead Group says 2017 has been “an important year of progress”

“The group moved into gross profit as a result of increased gas production and the cost reduction programme in the UK,” Cross said in a statement
oil and gas operations
Parkmead reported £1.2mln gross profit for the year

Parkmead Group Plc (LON:PMG) executive chairman Tom Cross has described 2017 as “an important year of progress” for the company.

“The group moved into gross profit as a result of increased gas production and the cost reduction programme in the UK,” Cross said in a statement.

READ: Parkmead takes full ownership of North Sea gas exploration project

“This is an outstanding achievement for Parkmead at a time when global oil prices have remained low.”

“Parkmead's gas production acts as a natural hedge in the challenging oil price environment.”

Parkmead reported £1.2mln gross profit for the year, marking an improvement from a £4.6mln loss in the preceding year.

The company highlighted that it ended the twelve months, to June 30, well capitalised with a cash balance of US$34.3mln and it was debt free.

Cross added: “We are delighted to have significantly increased production at the Diever West gas field, which increases Parkmead's cash flow. New reservoir modelling indicates that Diever West could be more than double the size originally expected.

READ: Parkmead takes full control of West of Shetland exploration targets

“We are also pleased to have been able to increase our stakes in core areas of the group's portfolio during the year, particularly around the Greater Perth Area oil hub in the UK North Sea, where Parkmead has strengthened its position.

“The group is in discussions with leading, international service companies and oil companies with regards to the Greater Perth Area.”

“The team at Parkmead is working intensively to evaluate and execute further value-adding opportunities which could provide additional cash flow to the company.”

View full PMG profile View Profile

Parkmead Group Timeline

Related Articles

pylon
October 12 2018
Efforts in future will be directed toward the Chennai power plant and OPG’s growing solar capacity
Nevada
October 26 2018
"The nature of the Hot Creek Valley geology is posing challenges."
Ungani oilfield workers
October 12 2018
Buru expects to solidly drill the Ungani West 1 exploration well for 32 days before moving equipment back to Ungani 4ST1 well.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use