Parkmead half-year revenue falls on lower gas prices but loss narrows

Parkmead Group PLC on Friday reported a fall in revenue due to a decline in production and lower gas prices.

Shares in Parkmead were down 4.2% to 23.00 pence each on Friday morning in London.

The Netherlands and UK-focused gas explorer reported revenue of £1.5 million in the half-year to December, down 28% from £2.1 million 12 months prior.

Pretax loss, however, narrowed to £905,000 from £1.1 million a year prior. Administrative expenses declined to £831,000 from £2.2 million.

The gas explorer reported a reduction in net gas production to 143 barrels of oil equivalent per day in the period, down 21% from 181 boepd a year prior, as well as a decrease of average gas prices to €32.14 per megawatt-hour at the Title Transfer Facility in Amsterdam, from €38.16 a year prior.

However, gas prices since have surged amid the ongoing conflict in the Middle East.

The benchmark TTF gas futures contract for delivery in April was at €55.21 per megawatt hour on Friday.

Parkmead said it has received a £3.1 million second deferred payment for the sale of UK North Sea licences to Serica Energy PLC in a deal first announced in late 2024.

The company said it has retained all of its cash producing assets, meaning interests in Dutch gas fields and a fully-owned wind farm in Scotland.

It is also hailing progress made across its renewable portfolio after having partnered with Galileo Empower Ltd on the potential Glenskinnan Renewable Energy Park. It is a 98 megawatts solar, wind, and battery storage project located about 25 kilometres southwest of Aberdeen in Scotland.

Additionally, Parkmead it is eyeing further drilling at its gas fields off the coast of the Netherlands after one asset reached the end of its life.

In his outlook, Executive Chair Tom Cross said that the company is well positioned to take advantage of the drilling in the Netherlands and advance its portfolio of renewables, and that it continues to review acquisition targets.

‘The year ahead is expected to see multiple growth catalysts to increase value for shareholders. The submission of a section 36 application [an application to construct large power generating stations] to the Scottish government in conjunction with Galileo is a key milestone as we drive forward our renewable energy projects’, Cross said.

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