Parkmead eyes deals after profits double

Aberdeen-based energy explorer and producer Parkmead Group said it is “wellpositioned” for further acquisitions after doubling its interim profit.

The UK and Netherlandsfocused independent energy group said that in the six months to 31 December, gross profit came in at £1.4 million from £700,000 12 months previously.

Executive chairman Tom Cross said the increase came about through both its increased gas production in the Netherlands and costreduction in the UK.

The firm also said it is wellcapitalised, with cash balances of $33m (£24.4m) at year-end, while its oil and gas reserves grew by two-thirds by increasing its stake in the Perth and Dolphin oil fields in the UK central North Sea.

Cross added that the Parkmead team is analysing further opportunities that could “build value and provide additional upside to the company”, focusing on both oil and gas, and wider energyrelated options.

Separately, Aim-quoted, Africa-focused oil and gas group Bowleven published its interim results for the same period – its first since the governance overhaul and hiring of a new management team.

Its group cash balance came inatabout$83.3mat year-end, while its interest in the Etinde field “offers the potential to deliver significant returns for the company”.

Chief executive Eli Chahin said: “Our strong balance sheet, lean cost base and interest in a major asset, present an almost unique value proposition in the London market.” 0 Parkmead executive chairman Tom Cross