Business
Interim Results for Six Months Ended 31 Dec 2024
Interim Results for Six Months Ended 31 Dec 2024.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n\n28 March 2025\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \nThe Parkmead Group plc\n(\"Parkmead\", \"the Company\" or \"the Group\")\n \nInterim Results for the six-month period ended 31 December 2024\nParkmead, 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 2024.\nHIGHLIGHTS\nSale of UK North Sea Licences\n· Parkmead announced the signing of an agreement to sell its wholly owned subsidiary, Parkmead (E&P) Ltd to Serica Energy (UK) Ltd in December 2024\n· Completion of the transaction is anticipated to occur in the second quarter of 2025, at which point the first £7 million of the £14 million of firm cash consideration will be received\n· Up to a further £120 million of contingent cash consideration could become payable, subject to the approval of future developments on the Skerryvore and Fynn Beauly licences\n· Parkmead has retained 100% of its cash producing assets, namely its interests in the gas fields in the Netherlands and its wholly owned UK wind farm in Scotland\n \nPublic consultation launched at Glenskinnan Renewable Energy Park\n· Parkmead's owned land at Pitreadie is a centrally located, core part of the site of the potential Glenskinnan Renewable Energy Park being developed in conjunction with Galileo Empower, a leading European renewable energy developer\n· Pre-application public consultations have now been launched for this major integrated project consisting of up to 98 MW in generating capacity across 14 wind turbines, 20 MW in solar photovoltaic arrays and 30 MW in battery storage\n· Parkmead is working with Galileo to finalise commercial arrangements ahead of the submission of a Section 36 planning application to the Scottish Government later in 202...