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Parkmead has a number of carefully selected opportunities across the UK and Dutch energy sectors, which it is actively working on to maximise returns. Additionally, the Group has a very significant pool of UK tax losses, which total in excess of £188 million. This tax position means Parkmead is exceptionally well placed in respect of making potential acquisitions, at a time when UK oil and gas taxation for larger producers is at such high levels. Our experienced management team will continue to maintain strict financial discipline across the Group's portfolio. Therefore, we are refocusing our offshore UK efforts on acquisitions and also on attractive projects such as Skerryvore, which are simpler and lower cost than GPA and so present clear opportunities to build increased value for shareholders.
Tom Cross
Davde
I've never seen a positive note from you on Parkmead ever.
Enjoy your weekend.
Shares in Parkmead Group, the Aberdeen energy firm run by entrepreneur Tom Cross, skyrocketed by more than a fifth after its latest annual results.
The soaring share price – the stock was up by 21% at 17.25p by market close – came despite the company posting losses.
Investor chat comments ranged from “a no news about anything announcement” and “more of the same” to “all on track, positive”.
One shareholder speculated the company’s stock was up after the UK Government raised its “strike” prices for future offshore wind energy contracts.
Others said the Alternative Investment Market-listed shares were undervalued.
Parkmead’s highlights of the year to June 30 included its first full year of revenue – worth £700,000 – from its Kempstone Hill wind farm in Aberdeenshire.
The company reported pre-tax losses of £35.3m for the year, compared with profits of nearly £4m in 2021-22.
Revenue rose to £14.8m in the latest period, from £12.1m previously.
It said its losses for 2022-23 were driven by £33m of exploration and evaluation asset write-offs and impairment charges totalling £13m.
Parkmead’s executive chairman said: “We remain committed to maximising the opportunities within the company’s oil and gas portfolio on our pathway towards energy transition.
“Parkmead continues to maintain a strong balance sheet which aids the pursuit of value-adding acquisitions.”
Dafte
You sound as desperate as Bob......So sad
Bob
Pick your chin up......Tom has out smarted your detailed figures of nonsense !
Parkmead are on the move folks onwards and upwards.
Bob
You forgot to say they are in profit .
Come on Doyle keep it real !
RISHI Sunak approved expanding North Sea oil and gas exploration to reduce the UK’s reliance on imports from Russia.
Legislation in the King’s Speech tomorrow will protect jobs and bolster energy security, the Government hopes.
It means the North Sea Transition Authority will invite applications for new production licences each year.
The UK would be less exposed to international forces’ unpredictability.
Mr Sunak said: “Domestic energy will play a crucial role in ... protecting us from the volatility of international markets.”
Energy Security and Net Zero Secretary Claire Coutinho said it makes sense to use oil, gas, wind and hydrogen “on our doorstep”.
Looks like there are many voices coming from one poster...
Couldna make it up !
Bob
I'm stating what Cross said at the AGM......Why would he say it ?
Eh... since you know it all !
Cross stated at the 2021 AGM that there's oil at Skerryvore as it's slap bang in the middle of two producing licenses he said it's not an exploration drill but a an appraisal well that needs performed.
Bob
Put a sock in it !
£2 a share really.........Maybe 30p is more like it !
The government have approved 27 fast track licenses out of the 115 that have been awarded.
Doyle if Gamma East lay directly under Scott then surely it would be CNOOC license ?
What did Tom say about Platypus ?
Rob12
🥱
Sticktofacts
Bob is part of a boiler room team anything he replies with I would take with a pince of salt.
Cross has stated his strategic plan for the North Sea it's all there in black and white.
Prelims in 5 weeks all will be revealed !
Lol
Are you not a month out ?
roadster66
im not a ****** only a realist.......