Parkmead Group PLC - Netherlands and UK-focused gas explorer based in London - Says gas assets "continue to perform well" and has benefitted from surging gas prices in Europe. As a result, expects annual gas revenue from its Dutch assets to exceed EUR14.5 million for the year ended June - which is ahead of internal expectations.
"Parkmead expects gas prices could remain elevated for the short to medium term, due to tight gas supplies in Europe, therefore Parkmead has chosen to remain 100% unhedged," it adds.
Also notes new two-well gas drilling campaign in Netherlands is ahead of schedule.
Chair Tom Cross says: "We have delivered record gas revenue from our Dutch gas assets for the year to June 30 and remain very confident in the outlook for these assets as we build momentum across Parkmead's operations in this region."
Current stock price: 49.80 pence, up 17% on Wednesday
12-month change: down 7.8%
By Paul McGowan; paulmcgowan@alliancenews.com
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Parkmead (PMG)