Oil & Gas
Parkmead swings to loss, eyes wind farm project
Tom Cross: important year
Oil and gas minnow Parkmead is eyeing a potential large wind farm project on a part of the group’s onshore acreage as it looks to broaden its energy base.
Tom Cross, executive chairman of the Aberdeen-based company, said it had been “an important year of progress” despite falling to a £792m pretax loss (2019: £4.8m profit) as revenues were impacted by the low gas price environment.
Revenue for the period was £4.1 million (2019: £8.3m), reflecting the record-low gas prices seen during the year.
“Parkmead has delivered growth in its asset base whilst retaining financial strength,” said Mr Cross. “This creates a strong foundation from which to build and Parkmead remains robust in the context of broader global uncertainty brought about by the COVID-19 pandemic.
“Following our first strategic acquisition in the renewable energy arena, we continue to evaluate further opportunities. Renewable energy is directly in line with Parkmead’s business plan, broadening and enhancing the group’s energy asset base. Potential has been identified for a large wind farm project on a part of the Group’s onshore acreage.
“Further advances have been made within the Greater Perth Area project. The Group is in discussions with a number of leading, international service companies and oil companies in relation to driving forward the GPA project.
“The team at Parkmead continues to work intensively to evaluate and execute further value-adding opportunities which could provide additional upside for the Group.”