North Sea explorer Parkmead looks at new opportunities after it doubles revenue

Parkmead, the Scottish oil and gas firm headed by North Sea veteran Tom Cross, today said it was “working intensively” on new acquisition opportunities to grow the business.

The update came as the Aberdeen-based group, which is focused  on interests in the UK and Netherlands, reported first half results which showed revenues almost doubled to £5.3 million and it swung to a net profit of £2.2 million compared with a £4.5 million loss in the same period last year.


After the year end the company also benefitted from a £6.2 million payment for its stake in fellow Aberdeen oil firm Faroe Petroleum after it was bought by Norway’s DNO.

Cross, Parkmead’s executive chairman, said the growth seen in revenue and profits was an “outstanding achievement, creating a strong foundation from which to build”.

“The team at Parkmead is working intensively to evaluate and execute further value-adding opportunities, which could provide additional upside to the company. These are primarily energy-related and include wider opportunities, which could broaden and enhance the Group’s asset base and revenue stream,” he said.

“Parkmead is well positioned for the future. We have excellent UK and Netherlands regional expertise, significant cash resources, 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, securing opportunities that maximise long-term value for our shareholders.”


Highlights of the period included strong production from its Diever West gas fields in the Netherlands.

Parkmead said the field has performed above expectations since its first production and that modelling work suggests that the field holds approximately 108 billion cubic feet of gross gas-in-place, more than double a previous estimate.  


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.