Parkmead, the fledgling Scottish oil explorer run by Dana Petroleum founder Tom Cross, says it will continue to seek acquisitions despite having built up “a balanced portfolio of assets” with four acquisitions in seven months.
Results published today show the firm’s total assets soared by 86 per cent to £22.9 million in the 12 months to end of June.
Cross, the company’s executive chairman, said: “Following a successful 2011, which saw the company bring together its experienced oil and gas team, the group has generated significant momentum completing a series of acquisitions in the North Sea and onshore Netherlands.
“Parkmead has built a high quality and balanced portfolio, with a rapid growth in its reserve base, and since the financial year end has achieved first production through the acquisition of assets in the Netherlands.”
Last month Parkmead was awarded interests in 25 offshore blocks in the UK government’s 27th licensing round. Cross said the new licences would “significantly increase Parkmead’s asset base in the UK”.
The firm expects to gain more licences when permits for the UK’s southern gas basin are awarded.
It said: “As we look ahead into 2013 and beyond, the group has a continued appetite for acquisitions and will look to add reserves through its active drilling programme.
“We believe the group has created a strong platform to become a key exploration and production player in the North Sea and elsewhere in Europe.”
The company reported revenues of £2.9m in the last financial year, down from £3.7m the year before, and reported an operating loss for the year increased to £4.7m, compared to £3.6m a year ago.