Business
Final Results
Final Results.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 1264T Parkmead Group (The) PLC 15 November 2013 \n \n\n15 November 2013 \n \nThe Parkmead Group plc \n(\"Parkmead\", \"the Company\" or \"the Group\") \n \nPreliminary Results for the year ended 30 June 2013\n \nParkmead, the UK and Netherlands focused oil and gas group, is pleased to report its preliminary results for the year ended 30 June 2013. \n \nHIGHLIGHTS \n \nExploration and Appraisal\n \n· Major licence awards in the UKCS 27th Licensing Round, gaining stakes in 25 blocks across the Central North Sea, West of Scotland and West of Shetlands\n· Work being accelerated on the high-impact Skerryvore oil prospect in the UK Central North Sea\n· Successful first appraisal well at the UK Platypus field, flowing 27 million cubic feet of gas per day \n· Platypus Field Development Plan (FDP) preparation already underway\n· Exploration drilling in progress at the Pharos gas prospect, just 14km from the Platypus field\n \nDevelopment and Production\n \n· Completed the acquisition of Lochard Energy Group PLC, providing Parkmead with a substantial increase in production, revenue and cash flow\n· Completed the acquisition of DEO Petroleum plc, adding significant oil reserves in the UK North Sea\n· Completed the acquisition of a portfolio of Netherlands assets from Dyas B.V., comprising 4 producing gas fields and 2 oil & gas developments\n· Continued progress with the Greater Perth Area. Evaluating potential joint development of the Perth and Lowlander oil fields\n· Net oil and gas production grew by approximately 400% \n \nFinancial Growth\n \n· Revenue increased 38% to £4.1 million (2012: £2.9 million)\n· Total assets grew 133% to £53.4 million at 30 June 2013 (£22.9 million at 30 June 2012)\n· Cash balances of £13.3 million as at 30 June 2013\n· Raised approximately £15.925 million in January 2013, providing finance for further growth\n· &nb...