Scandinavian Oil-Gas Magazine

The Parkmead Group, a new independent oil and gas company, has reported its preliminary results for the year ended 30 June 2011.

HIGHLIGHTS

Proven oil and gas team recruited to deliver the Group's growth plans

Acquisition of a strategic stake in the Platypus gas field and Possum gas prospect offering near term drilling and significant upside potential

Joint venture created with DEO Petroleum plc, providing a strong and focused alliance for growth in the UK Central North Sea

Revenue increased 58% to £3.75 million

Total Assets rose to £12.33 million at 30 June 2011

Cash balances of £1.3 million as at 30 June 2011

The Group is now fully funded following the provision of a shareholder loan for £8 million

Parkmead's Executive Chairman, Tom Cross commented, 'The last year has been a period of strategic transformation for the Group. I am delighted to have become Parkmead's Executive Chairman and relish the opportunity to drive the business forward into an exciting new chapter of its development. 2011 has been a successful year and I believe we are now well positioned with the essential skills and resources to build a significant new independent oil and gas company.

I am pleased to report on Parkmead's improved operating capability for the year to 30 June 2011. The Group's Turnover and Gross Profit both increased substantially and Net Assets have also increased.

We remain focused on the pursuit of value-adding acquisitions, at both asset and corporate levels, in line with the Group's strategy. The Board is pleased to be able to report that our first asset transaction in our core target market was completed earlier this month. In addition, the Group is now fully funded for its forward programme of drilling activities and is well positioned to capitalise on further strategic opportunities.'

Tags: Parkmead Group