Parkmead falls as losses deepen

Shares in independent oil and gas firm Parkmead took a tumble after pre-tax losses more than doubled for the year ended 30 June. Despite half-year revenue rising from £2.36m last year to £3.74m in the first half of 2011, increased costs and administrative expenses led to a surge in pre-tax losses from £1.4m to £3.45m. Executive chairman Tom Cross said: "The last year has been a period of strategic transformation for the group. 2011 has been a successful year and I believe we are now well positioned with the essential skills and resources to build a significant new independent oil and gas company."We remain focused on the pursuit of value-adding acquisitions, at both asset and corporate levels, in line with the group's strategy. The board is pleased to be able to report that our first asset transaction in our core target market was completed earlier this month. In addition, the group is now fully funded for its forward programme of drilling activities and is well positioned to capitalise on further strategic opportunities."Group cash at the end of the year rose to £1.27m compared to £0.3m at the same date the previous year.The share price fell 11.11% to 12p by 12:51.NR