Business
Preliminary Results Statement 2017
Preliminary Results Statement 2017.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 8031W Parkmead Group (The) PLC 17 November 2017 \n\n17 November 2017 \n \nThe Parkmead Group plc \n(\"Parkmead\", \"the Company\" or \"the Group\") \n \nPreliminary Results for the year ended 30 June 2017\n \nParkmead, the UK and Netherlands focused independent energy group, is pleased to report its preliminary results for the year ended 30 June 2017.\n \nHIGHLIGHTS \n \nParkmead delivers full-year gross profit and demonstrates financial strength \n \n· Gross profit for the period of £1.2 million (2016: £4.6 million loss) \n· Strong total asset base of £82.2 million at 30 June 2017 \n· Maintains strict financial discipline\n· Well capitalised, with cash balances of US$34.3 million (£26.4 million) as at 30 June 2017\n· Debt free\n· Low-cost Netherlands gas production provides positive cash flow to Parkmead\n· All revenues from Netherlands production received in Euros, mitigating recent currency fluctuations \n \nDoubled gas volumes at Diever West. Significant increase in gas production\n \n· New dynamic reservoir modelling suggests Diever West has approximately 108 billion cubic feet (\"Bcf\") of gas-in-place volumes, more than double the post drill static volume estimate of 41 Bcf\n· The Group has substantially increased production from its Diever West gas field by perforating the Akkrum reservoir formation \n· Gross production at the end of October 2017 at Diever West was 39.3 million cubic feet per day, approximately 6,764 barrels of oil equivalent per day (\"boepd\")\n· Low-cost onshore gas portfolio in the Netherlands produces from four separate gas fields with an average operating cost of just US$10 per barrel of oil equivalent, generating positive cash flows \n· Further production enhancement work planned on Parkmead's Netherlands portfolio, including a new well at the Geesbrug gas field to maximise production and early development planning at the Ottoland discovery \n· Production at...