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Energy Voice | Parkmead 'working intensively' on deals as key North Sea projects move forward

Bosses at Parkmead Group said today they were “working intensively” on acquisitions to beef up the firm’s portfolio.

They said the Aberdeen-headquartered oil firm was “well positioned” after announcing its latest results, which showed a near doubling of revenues to £5.3 million in the six months to December 31.

Buoyed by a strong performance from its Dutch onshore assets, Parkmead posted half-year, pre-tax profits of £3.8m, a massive improvement on a deficit of £4m for the same period in 2017.

The company, led by executive chairman Tom Cross, is also making progress with its UK North Sea interests.

Parkmead snapped up stakes in the Perth and Dolphin fields last year, giving it 100% ownership.

The two fields form the bedrock of the firm’s flagship Greater Perth Area (GPA) project in the central North Sea.

Parkmead is holding commercial talks with a view to tying GPA back to the nearby Scott facilities, operated by Chinese firm CNOOC International.

London-listed Parkmead is also in discussions with a number of major oilfield service companies about the GPA project.

And “considerable progress” has been made at the Platypus development in the southern North Sea, where first gas is slated for 2021.

Parkmead has a 15% stake in Platypus, which is operated by Dana Petroleum, on 59%.

Partners are figuring out the best export route for Platypus ahead of an offtake agreement being signed.

The nearby Possum prospect will be drilled as part of the development.

Mr Cross, who built up Dana Petroleum before selling it to South Korea’s national oil company for £1.7 billion in 2010, said: “We are working intensively to evaluate and execute further value-adding opportunities, which could provide additional upside to the company.

“These are primarily energy-related and include wider opportunities, which could broaden and enhance the group’s asset base and revenue stream.”

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