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Parkmead aims to unlock “substantial value” from Greater Perth Area after narrowing losses

CNOOC
The CNOOC Scott platform

Parkmead Group said yesterday it aimed to unlock “substantial value” from the Greater Perth Area (GPA) in the UK North Sea.

The GPA ambition was set out by the Aberdeen-based firm as it reported a narrowing of first-half losses for its 2017-18 trading year.

London-listed Parkmead, with operations in the UK North Sea and the Netherlands, posted pre-tax losses of £4million for the six months to December.

This was down from £4.5million in the same period in 2016.

It comes after the firm took full control of GPA, which lies in the central North Sea, and includes the Perth and Dolphin fields, last month after a deal with Faroe Petroleum.

The transaction lifted Parkmead’s net reserves to 46.3million barrels of oil equivalent, a 67% increase on the previous year.

Yesterday, Parkmead said a detailed study was being carried out to find out whether its GPA development can be tied-back to the Nexen-operated Scott platform nearby.

Executive chairman Tom Cross added: “I am pleased to report excellent progress (in the accounting period). The group has doubled gross profits through a combination of Parkmead’s increased gas production in the Netherlands and the proactive cost-reduction programme in the UK.

“We are also pleased with the major progress made with the Greater Perth Area project.

“By increasing our stake in the Perth and Dolphin oil fields, Parkmead’s oil and gas reserves grew by some 67%.

“The study with Nexen will examine one path to potentially unlock the substantial value of the GPA project for the benefit of the UK and Parkmead shareholders, as well as providing further value for the existing infrastructure partners.

“The team at Parkmead is working intensively to evaluate and execute further opportunities which could build value.”

The company highlighted first-half gross profits of £1.4million, up from £700,000 a year earlier, on flat revenue of £2.7million.

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