Parkmead Group (AIM:PMG) (Parkmead Group (AIM:PMG)) perked up by a fifth on a positive update from its Dutch gas business.
The energy group said the Dutch assets had performed well, helped by a royalty deal signed last year, as well as the current high gas prices following the invasion of Ukraine.
So revenues from the business are expected to be ahead of forecasts at more than €14.5mln.
It expects gas prices to remain high for the short to medium term, due to tight gas supplies in Europe, so has chosen to remain 100% unhedged.
Meanwhile, a new two-well drilling campaign in the Netherlands is ahead of schedule, with a rig due to be received by the fourth quarter of this year.
Chairman Tom Cross said: "We have delivered record gas revenue from our Dutch gas assets for the year to 30 June 2022 and remain very confident in the outlook for these assets as we build momentum across Parkmead's operations in this region...
"To complement our Dutch assets, we will continue to focus on building a portfolio of high-quality energy projects through acquisitions, organic growth and the active management of our assets across all energy sectors."
Parkmead, which added 21% to 51.8p, said it expects gas prices could remain elevated for the short to medium term, due to tight gas supplies in Europe, therefore it has chosen to remain 100% unhedged.