Business
Interim Results for six-months ended 31 Dec 2022
Interim Results for six-months ended 31 Dec 2022.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \n \n 31 March 2023\n \n \n \n \n \n The Parkmead Group plc\n \n \n (\"Parkmead\", \"the Company\" or \"the Group\")\n \n \n \n \n \n \n \n Interim Results for the six-month period ended 31 December 2022\n \n \n Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to report its interim results for the six-month period ended 31 December 2022.\n \n \n \n HIGHLIGHTS\n \n \n \n \n Strong operating cashflow, delivered through low-cost onshore gas production\n \n \n \n ·\n Revenue more than doubled to £11.1 million for the period (2021: £4.6 million) as the Company benefited from robust production through a sustained period of high gas prices\n \n \n ·\n Net cash generated from operating activities rose strongly, by over 400% to £8.6 million (2021: £1.7 million) equivalent to 8.0 pence per share\n \n \n ·\n Gross profit increased to £9.8 million (2021: £3.8 million) generating a gross margin of 89%\n \n \n ·\n Strong gross profits were nevertheless offset by a £4.8 million tax charge, principally arising from Netherlands operations, and a £4.0 million windfall tax charge expensed during the period but due for payment in May 2024\n \n \n ·\n Average realised gas price throughout the period of €153.04/MWh\n \n \n ·\n Average field operating cost in the period of just US$8.6 per barrel of oil equivalent, generating strong operating cash flows\n \n \n ·\n Strong balance sheet with cash balances of £19.2 million (2021: £24.1 million) as at 31 December 2022, equal to 17.6 pence per share\n \n \n ·\n An impairment of £12.7 million was recorded during the period relating to licence P1293, following the decommissioning of the Athena field\n \n \n ·\n Net loss before impairment charge of £1.2 million (2021: £0.4 million)\n \n \n ·\n Total assets of £70.3 million at 31 December 2022 (2021: £80.5 million)\n \n \n \n \n \n \n Successful exploration drilling campaign and robust production in the Netherlands\n \n \n \n ·\n LDS-01 successfully encountered new commercial gas columns in the primary target horizons\n \n \n ·\n Tie-in of LDS-01 is complete with first gas expected imminently\n \n \n ·\n Both LDS-01 and LDS-02 were drilled safely, on time and under budget\n \n \n ·\n LDS-02 did not encounter commercial volumes of hydrocarbons in the targeted intervals howev...