REG - Parkmead Group (The) - Interim Results for Six Months Ended 31 Dec 2023
28/03/2024 07:00
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RNS Number : 6013I Parkmead Group (The) PLC 28 March 2024
28 March 2024
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU No.
596/2014) which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Interim Results for the six-month period ended 31 December 2023
Parkmead, the independent energy group focused on growth through gas, oil and
renewable energy projects, is pleased to report its interim results for the
six-month period ended 31 December 2023.
HIGHLIGHTS
· STRONG OPERATIONAL PERFORMANCE
· INCREASED PRODUCTION
· RETURN TO PROFITABILITY, DESPITE FALL IN GAS PRICES
FINANCIAL SUMMARY
· Revenue for the period was £3.4 million (1H FY23: £11.1
million) reflecting the significant fall in average Dutch TTF gas prices
during the period to €38.56/MWh (1H FY23 €151.77/MWh)
· Operating costs reduced to £15.8 per barrel of oil equivalent
(1H FY23 £20.1), resulting in robust cashflow from operations of £2.0
million (1H FY23: £11.8 million), equivalent to 1.8 pence per share
· Profit for the period was £0.7m, delivering earnings per share
of 0.7p, and providing a stable foundation for future growth (1H FY23: £14.0m
loss)
· Total assets of £27.1 million at 31 December 2023, equal to 24.8
pence per share
· Healthy cash balances of £9.2 million at 31 December 2023 (30
June 2023: £11.6 million), equal to 8.4 pence per share
· No remaining offshore decommissioning liabilities as at 31
December 2023 following completion of final UKCS abandonment projects over the
last 18 months
· Parkmead's modest gross debt continues to reduce, with £0.8
million outstanding at 31 December 2023 (30 June 2023: £0.9 million)
STRATEGY & PROJECT OUTLOOK
Excellent operating performance from Netherlands onshore gas fields
· Average gross production for the period across the Group's
Netherlands assets was 19.9 million cubic feet per day ("MMscfd"),
approximately 3,540 barrels of oil equivalent per day ("boepd")
· Parkmead achieved net production of 289boepd during the period,
an 8% increase from the same period in 2022
· Following its temporary shut in to allow optimisation work to be
carried out, LDS-01 came back onstream during the second half of the period.
There has been a strong contribution from this well on the Diever concession
which has outperformed the P10 estimate (high case)
Continued development of Parkmead's renewable energy portfolio
· Operational performance at the Kempstone Hill Wind Farm has
remained strong, with electricity production uptime averaging 91% across the
period
· Environmental studies are ongoing at Pitreadie forming part of a
major wind farm plan for up to 100MW across this area
· Discussions are progressing with a major European renewable
energy developer regarding a potential joint venture for this project
· The land owned by the Company at Pitreadie also has the potential
for Solar PV, with concept studies ongoing regarding the feasibility of a 50MW
development
· Parkmead is also conducting a study on a new site in Scotland
which has the potential for a further 30MW solar farm
· The Company is evaluating options to increase electricity
generating capability at Kempstone Hill, in order to utilise spare grid
capacity to boost cashflow
Well planning activities underway on the exciting Skerryvore exploration
targets
· Parkmead has successfully driven forward the Skerryvore project,
alongside its strong industry partner group on this licence
· Good progress has been made on well planning, site survey
contractor selection, and the identification and sourcing of critical path
long lead items
· The crucial offshore surveys are currently scheduled to take
place in the second half of 2024, to deliver the planned well in early 2025
· This exploration well will penetrate the Tor and Mey intervals of
these stacked prospects, which represent the targets which are the largest and
with the highest geological chance of success
· The Company is looking at all options to maximise the commercial
benefit by collaborating with other operators to share fixed costs such as rig
mobilisation
Major increase in oil and gas resources, following the successful award of new
blocks in the UKCS 33(rd) Offshore Licensing Round
· As previously announced, Parkmead has been provisionally awarded
three new offshore blocks by the North Sea Transition Authority ("NSTA")
· The new award contains seven undeveloped discoveries, the largest
of which is Fynn Beauly (gross resource estimate 292mmboe)
· This is the first time that the Fynn Beauly accumulation has been
licensed to a single partner group, creating an exciting opportunity for
Parkmead (50% stake) and its partner, Orcadian Energy (50%) to advance the
development of this substantial resource
· Following the licence award, Parkmead's total 2C Resource
estimate across its UK and Netherlands portfolios now totals 245.6mmboe
Focused on growth - actively reviewing further acquisitions
· Parkmead is evaluating further acquisition opportunities in each
of its core areas of activity - renewables, gas and oil. We are focused on
targets which are immediately cashflow accretive or where we can utilise our
in-house technical expertise to create significant value
Parkmead's Executive Chairman, Tom Cross, commented:
"I am pleased to report strong operating performance achieved by Parkmead in
the six-month period to 31 December 2023, despite lower gas prices. The
excellent production rates from our onshore Netherlands gas fields have
allowed Parkmead to return to profitability, setting a base for future
success.
The stable electricity revenue generated by our Kempstone Hill wind farm,
against a back drop of falling international gas prices, demonstrates the
importance of our strategy to continue growing our renewable energy income
sources. We are continually reviewing both development and operational asset
acquisition opportunities to increase the breadth and scale of our portfolio,
as we aim to deliver our goal of 50% of Group revenues from renewable assets.
Parkmead is committed to playing its part in the energy transition, through
its growing renewable projects. In parallel, we are continuing to maximise
the value of our full cycle E&P business. We were delighted by the
successful award of the Fynn area Licence in the 33rd round, and are making
good progress towards our operated exploration well at Skerryvore. The
Parkmead team is working hard to deliver this project over the coming year."
The Parkmead Group plc +44 (0) 1224 622200
Tom Cross (Executive Chairman)
Andrew Smith (Executive Director - Business Development)
Cavendish Capital Markets Limited +44 (0) 20 7220 0500
Marc Milmo / Seamus Fricker - Corporate Finance
Iain MacArthur - Sales
Financial Overview
During the six-month period to 31 December 2023, the Group generated revenue
of £3.4 million (1H FY23: £11.1 million) because Dutch TTF gas prices fell
significantly from the previous historic highs which were brought about by the
war in Ukraine. Average realised gas prices during the period were
€38.56/MWh, compared with €151.77/MWh in the comparative period.
The Group's high-quality onshore asset base in the Netherlands has achieved
excellent operational results, with production over the six-month period
ending 31 December 2023 totalling 289boepd, an 8% increase year on year (1H
FY23: 268boepd). Parkmead's 100% owned and operated wind farm, Kempstone
Hill, has continued to perform strongly and achieved average operational
uptime of over 91% in the period.
Operating costs for the Dutch producing assets were managed carefully, and
reduced to £15.8/boe in the period (1H FY23: £20.1/boe). Administrative
expenses also reduced to £0.9 million (1H FY23: £2.0 million) which included
a credit in respect of a non-cash revaluation of share appreciation rights
totalling £0.3 million (1H FY23: expense £0.8 million). These factors drove
Cashflow from Operations of £2.0m (1H FY23: £11.8m). Taxation for the
period was £0.2 million (1H FY23: £4.8 million), with no additional windfall
tax accruing in the period. Based on current information no further Dutch
windfall tax is expected to be incurred.
These strong operational results have allowed Parkmead to successfully return
to the black, generating £0.7m in profits in the period (1H FY23: £14.0m
loss).
Parkmead continues to maintain a healthy balance sheet with total assets at 31
December 2023 of £27.1 million (30 June 2023: £28.6 million). Cash and cash
equivalents at 31 December 2023 were £9.2 million (30 June 2023: £11.6
million), equivalent to 8.4 pence per share. This cash balance at period end
is after a £2.8 million cash spend on decommissioning activities in the six
months to 31 December 2023. The Company has no further exposure to offshore
UKCS decommissioning costs. Short term decommissioning provisions at 31
December 2023 were therefore £nil (30 June 2023: £2.8 million). Our modest
debt has continued to reduce to £0.8 million (30 June 2023: £0.9 million).
This debt was inherited as a result of the acquisition of Kempstone Hill Wind
Energy Limited in 2022.
Review of Activities
UK Renewable Energy
The acquisition of the operational Kempstone Hill wind farm in February 2022
was a complementary addition to our organic renewable energy projects at
Pitreadie. Since the integration of this asset, we have continued to achieve
outstanding turbine uptime, averaging 91% across the six-months to 31 December
2023. Revenue from the wind farm was £301,000 for the six months to 31
December 2023 (1H FY23: £343,000) due to lower wholesale electricity prices
in the period.
At Pitreadie, commercial discussions continue to progress with a potential
European joint venture partner to develop this area. Following positive
results from initial studies, further environmental surveys are scheduled
throughout 2024 to support the planning work required to unlock a major 100MW
wind farm application on this site. In addition, the land owned by the Company
at Pitreadie has the potential for Solar PV, with the Company already
undertaking concept studies on the feasibility of a 50MW development.
As part of its renewables strategy, Parkmead is also conducting a study on a
new site in Scotland which has the potential for a further 30MW solar farm.
Parkmead will continue its strategy of building its renewable energy portfolio
through further acquisitions of producing assets as well as driving forward
its existing projects in wind and solar energies. The Board remains focused on
its strategic objective of delivering 50% of Group revenues from renewable
assets.
Onshore Netherlands Gas
Parkmead's onshore gas portfolio has achieved strong operating results during
the first half of FY24. Net to Parkmead, the fields produced at an average
rate of 289boepd representing an 8% year-on-year increase in production (1H
FY23: 268boepd).
As previously announced, the Diever-02 well was temporarily shut-in in October
to allow the successful new discovery well LDS-01 to be brought onstream.
The total volume of gas produced from LDS-01 has now significantly exceeded
the predicted P10 (high case) gas reserves case.
Following a successful mini-coil clear-out in late 2023 on the Geesbrug
concession, production from GSB-01 came back strongly at rates approximately
fifty percent greater than previously. Geesbrug continues to
be Parkmead's biggest producer outside of the prolific Drenthe VI
concession.
Parkmead continues to work alongside its partner Vermillion to progress the
Papekop development. The partnership are aiming to make a final investment
decision on this opportunity in late 2024.
UK Oil and Gas
Skerryvore
Parkmead (50%) has been approved as Exploration Operator by the NSTA, in what
will be the Company's first operated exploration well offshore UK.
Parkmead's joint venture partners on the licence are Serica Energy (UK)
Limited (20%) and CalEnergy (Gas) Limited (30%).
The Company's detailed technical work programme has confirmed the considerable
multi-interval potential of Skerryvore. The planned well will penetrate the
main stacked exploration prospects, at Mey and Tor intervals, which studies
indicate could contain significant volumes of light oil, with potential
recoverable reserves of over 130mmboe gross. The sub-surface team believe
there is a high geological chance of success at the Mey of c.43% as this area
is surrounded by fields producing from the same target interval. The licence
also contains additional prospectivity at the Ekofisk and Jurassic levels. A
successful discovery would allow for a tieback to nearby infrastructure in
line with the NSTA's MER and Hub Strategy for new developments.
Parkmead has made good progress in several key areas, including well planning,
site survey contractor selection, and the successful identification and
sourcing of critical path long lead items. The Company prides itself on its
ability to work efficiently with both the supply chain and other licence
operators to achieve mutually beneficial commercial results. Part of this
effort has been to achieve an optimal rig slot as part of a wider,
multi-operator drilling campaign, or 'Rig Club'. Parkmead is now planning to
drill Skerryvore in early 2025 and is working hard to maximise the commercial
benefit from collaborating with other operators to share costs where possible,
such as rig mobilisation.
UKCS 33rd Offshore Oil and Gas Licensing Round
As previously announced, Parkmead has been provisionally awarded three new
offshore blocks by the North Sea Transition Authority ("NSTA") in Tranche 2 of
the UK's 33rd Licensing Round awards.
This important award consists of a licence covering Blocks 14/15a, 14/20d and
15/11a situated in the Central North Sea. Parkmead will be operator and hold
a 50% working interest, alongside its partner Orcadian Energy (CNS) Limited.
The new licence contains seven undeveloped oil discoveries within Mesozoic and
Palaeozoic reservoirs. The most substantial of these is the major Fynn Beauly
accumulation.
Fynn Beauly is one of the biggest undeveloped oil fields in the UK, with
estimated gross P50 contingent resources of 292 million barrels. This large
heavy oil discovery is situated between the prolific Claymore and Piper
fields. The field extends across all three awarded blocks and is estimated to
contain oil-in-place of between 740 million and 1.3 billion barrels. This is
an important award because the acreage which encapsulates this significant oil
field has not previously been licensed to a single partner group, creating an
exciting opportunity for Parkmead and Orcadian to advance the development of
this substantial, previously untapped resource.
The current licence commitment requires no major capital outlay, with the work
programme focusing on assessing the feasibility of reducing Fynn Beauly oil
viscosity using enhanced oil recovery techniques. This work will include
assessing the potential to utilise geothermal energy as part of the recovery
mechanism. This could pave the way for the delivery of a successful
development of this major field which is in line with the NSTA's Net Zero
Strategy.
Outlook
Notwithstanding the sector headwinds, Parkmead has delivered strong
operational performance from its diversified energy portfolio in the six-month
period to 31 December 2023. The progression of our Skerryvore project in the
Central North Sea and the addition of new blocks awarded in the 33(rd)
licencing round, provides multiple opportunities for Parkmead to create
additional value. The Company continues to review accretive acquisition
targets, particularly those which would add immediate cashflow or where we can
create significant value by leveraging our in-house technical expertise.
Furthermore, the Group has a valuable asset in the form of its UK Ring Fence
tax loss pool, which was in excess of £188m at 30th June 2023. This can be
utilised against future UK production. The Board is examining all options to
maximise shareholder value from this asset. The Directors are confident that
the Parkmead team is well positioned to drive the business forward and to
build upon the achievements already made to date.
Tom Cross
Executive Chairman
28 March 2024
1. Tim Coxe, Parkmead Group's Managing Director, North Sea, who holds a
First-Class Master's Degree in Engineering and over 30 years of experience in
the oil and gas industry, has overseen the review and approval of the
technical information contained in this announcement. Tim is accountable for
the company's HSE, Subsurface, Drilling, Production Operations and Project
functions. Parkmead's evaluation of reserves and resources was prepared in
accordance with the 2007 Petroleum Resources Management System prepared by the
Oil and Gas Reserves Committee of the Society of Petroleum Engineers and
reviewed and jointly sponsored by the World Petroleum Council, the American
Association of Petroleum Geologists and the Society of Petroleum Evaluation
Engineers.
A glossary of key terms can be found at
https://www.nstauthority.co.uk/site-tools/glossary-of-terms/
Condensed Consolidated statement of profit and loss and other comprehensive
income
for the six months ended 31 December 2023
Six months to 31 December 2023 Six months to 31 December 2022 Twelve months to 30 June 2023
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Continuous operations
Revenue 3,426 11,124 14,769
Cost of sales (1,530) (1,331) (2,237)
Gross profit 1,896 9,793 12,532
Exploration and evaluation expenses 2 (88) (153) (33,009)
Impairment of property, plant and equipment: development & production - (12,733) (13,030)
Gain / (loss) on sale of assets - 10 36
Administrative expenses 3 (876) (2,049) (1,753)
Operating profit / (loss) 932 (5,132) (35,224)
Finance income 85 81 192
Finance costs (106) (113) (267)
Profit / (loss) before taxation 911 (5,164) 35,299
Taxation (163) (4,770) (4,661)
Windfall taxation - (4,044) (2,374)
Profit / (loss) for the period attributable to the equity holders of the 748 (13,978) (42,334)
Parent
Profit / (loss) Per share (pence)
Basic 5 0.68 (12.79) (38.74)
Diluted 0.62 (12.79) (38.74)
Condensed Consolidated statement of financial position
as at 31 December 2023
31 December 2023 31 December 2022 30 June 2023
Notes (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Property, plant and equipment: development & production 4,349 4,370 4,503
Property, plant and equipment: other 5,879 6,200 5,600
Goodwill 1,084 1,084 1,084
Exploration and evaluation assets 2,267 34,369 1,966
Deferred tax assets - 187 -
Total non-current assets 13,579 46,210 13,153
Current assets
Trade and other receivables 1,330 1,973 941
Interest bearing loans 4 2,937 2,937 2,936
Inventory 5 17 16
Cash and cash equivalents 9,204 19,179 11,576
Total current assets 13,476 24,106 15,469
Total assets 27,055 70,316 28,622
Current liabilities
Trade and other payables (3,568) (10,666) (2,673)
Decommissioning provisions - (4,562) (2,773)
Windfall taxes (2,398) - -
Current tax liabilities (1,809) (2,848) (2,263)
Total current liabilities (7,775) (18,076) (7,709)
Non-current liabilities
Other liabilities (893) (1,242) (942)
Loan (718) (905) (767)
Deferred tax liabilities (641) (1,925) (641)
Windfall taxes - (4,044) (2,374)
Decommissioning provisions (1,590) (1,108) (1,529)
Total non-current liabilities (3,842) (9,224) (6,253)
Total liabilities (11,617) (27,300) (13,962)
Net assets 15,438 43,016 14,660
Equity attributable to equity holders
Called up share capital 19,688 19,688 19,688
Share premium 83,625 83,625 83,625
Merger reserve 3,376 3,376 3,376
Retained deficit (91,251) (63,673) (92,029)
Total equity 15,438 43,016 14,660
Condensed Consolidated statement of changes in equity
for the six months ended 31 December 2023
Share capital Share premium Merger reserve Retained deficit Total
£'000 £'000 £'000 £'000 £'000
At 30 June 2022 19,688 83,625 3,376 (49,695) 56,994
Loss for the period - - - (13,978) (13,978)
Total comprehensive loss for the year - - - (13,978) (13,978)
Share-based payments - - - - -
At 31 December 2022 19,688 83,625 3,376 (63,673) 43,016
Loss for the period - - - (28,356) (28,356)
Total comprehensive loss for the year - - - (28,356) (28,356)
Share-based payments - - - - -
At 30 June 2023 19,688 83,625 3,376 (92,029) 14,660
Profit for the period - - - 748 748
Total comprehensive income for the year - - - 748 748
Share-based payments - - - 30 30
At 31 December 2023 19,688 83,625 3,376 (91,251) 15,438
Condensed Consolidated statement of cashflows
for the six months ended 31 December 2023
Six months to 31 December 2023 Six months to 31 December 2022 Twelve months to 30 June 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cashflows from operating activities
Cashflows from operations 2,044 11,779 11,414
Taxation paid (645) (3,203) (4,881)
Net cash generated from operating activities 1,399 8,576 6,533
Cash flow from investing activities
Interest received 85 81 192
Acquisition of exploration and evaluation assets (301) (253) (519)
Proceeds from sale of property, plant and equipment - 163 654
Acquisition of property, plant and equipment: development and production (122) (275) (950)
Acquisition of property, plant and equipment: other (461) - (87)
Decommissioning expenditure (2,773) (12,754) (16,983)
Net cash used in investing activities (3,572) (13,038) (17,693)
Cash flow from financing activities
Lease payments (88) (168) (229)
Interest paid (54) (31) (136)
Repayment of loans and borrowings (47) (43) (88)
Net cash used in financing activities (189) (242) (453)
Net increase / (decrease) in cash and cash equivalents (2,362) (4,704) (11,613)
Cash and cash equivalents at beginning of period 11,576 23,263 23,263
Effect of foreign exchange rate differences (10) 620 (74)
Cash and cash equivalents at end of period 9,204 19,179 11,576
Notes to the Interim financial statements
1. Accounting policies
General Information
These condensed consolidated interim financial statements of The Parkmead
Group plc and its subsidiaries (the "Group") were approved by the Board of
Directors on 28 March 2024. The Parkmead Group plc is the parent company of
the Group. Its shares are quoted on AIM, part of the London Stock Exchange.
The registered office is located at One Angel Court, 13th Floor, London,
England, EC2R 7HJ.
The condensed consolidated interim financial statements for the period 1 July
2023 to 31 December 2023 are unaudited. In the opinion of the Directors, the
condensed consolidated interim financial statements for the period presents
fairly the financial position, and results from operations and cash flows for
the period in conformity with the generally accepted accounting principles
consistently applied. The condensed consolidated interim financial
statements incorporate unaudited comparative figures for the interim period 1
July 2022 to 31 December 2022 and the audited financial year ended 30 June
2023.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory accounts for the year ended 30 June 2023 which were prepared
under UK-adopted International Accounting Standards ("IFRS") were filed with
the Registrar of Companies. The auditors reported on those accounts and their
report was unqualified and did not contain a statement under either Section
498 (2) or Section 498 (3) of the Companies Act 2006 and did not include
references to any matters to which the auditor drew attention by way of
emphasis.
Basis of preparation
The interim financial information in this report has been prepared under the
historical cost convention using accounting policies consistent with
UK-adopted International Accounting Standards (IFRS) and IFRS Interpretations
Committee (IFRIC) interpretations. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board (IASB) and
IFRIC and there is an ongoing process of review and endorsement by the UK. The
financial information has been prepared on the basis of UK-adopted
international accounting standards that the Directors expect to be adopted and
applicable as at 30 June 2023.
The Group has chosen not to adopt IAS 34 - Interim Financial Statements, in
preparing these financial statements.
The accounting policies applied in this report are the same as those applied
in the consolidated financial statements for the year ended 30 June 2023.
Going concern
The Directors have made an assessment of the Group's ability to continue as a
going concern. As at 31 December 2023 the Group had £15.4 million of net
assets of which £9.2 million is held in cash, of which £0.2 million is held
as restricted cash.
The Group's current cash reserves are the principal source of funding and are
expected to more than exceed its estimated liabilities. Based on these
circumstances, the Directors have considered it appropriate to adopt the going
concern basis of accounting in preparing these interim results.
2. Exploration and evaluation expenses
Exploration and evaluation expenses includes impairment charges of £nil
recorded in respect of exploration licences relinquished in the period (Six
months to 31 December 2022: £18,000, Twelve months to 30 June 2023:
£32,834,000).
3. Administrative expenses
Administrative expenses include a credit in respect of a non-cash revaluation
of share appreciation rights (SARs) totalling £306,000 (Six months to 31
December 2022: £800,000 charge, Twelve months to 30 June 2023: £961,000
credit). The SARs may be settled by cash or shares and are therefore revalued
with the movement in share price.
Administrative expenses also includes a non-cash share based payment charge of
£30,000 due to options which have been granted, lapsed or forfeited (Six
months to 31 December 2022: £nil, Twelve months to 30 June 2023: £nil).
Administrative expenses also include a foreign exchange expense of £10,000
(Six months to 31 December 2022:
£620,000 gain, Twelve months to 30 June 2023: £74,000 expense).
4. Interest bearing loans
On 27 July 2017, The Parkmead Group plc entered into a credit facility with
Energy Management Associates Limited, whereby Parkmead agreed to lend up to
£2,900,000 to Energy Management Associates Limited to gain exclusive first
rights to a number of renewable energy opportunities. This arrangement has
been of major benefit to Parkmead, leading to its ownership of the Pitreadie
land and wind farm project and the Kempstone Hill wind farm acquisition. In
addition, further new renewable project opportunities, in wind and solar
energy, are being opened up through this arrangement.
The loan has a period of one year, with a fixed interest rate of 2.5 per cent.
Interest charged by Parkmead during the period amounted to £37,000 (Six
months to 31 December 2022: £37,000, Twelve months to 30 June 2023:
£73,000). The loan is repayable on 27 July 2024.
5. Profit / (loss) per share
Profit / (loss) per share attributable to equity holders of the Company arise
as follows:
Six months to 31 December 2023 Six months to 31 December 2022 Twelve months to 30 June 2023
(unaudited) (unaudited) (audited)
Profit / (loss) per 1.5p ordinary share (pence)
Basic 0.68 (12.79) (38.74)
Diluted 0.62 (12.79) (38.74)
The calculations were based on the following information:
Six months to 31 December 2023 Six months to 31 December 2022 Twelve months to 30 June 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit /(loss) attributable to ordinary shareholders 748 (13,978) (42,334)
Weighted average number of shares in issue
Basic weighted average number of shares 109,266,931 109,266,931 109,266,931
Dilutive potential ordinary shares
Share options 11,951,345 10,778,154 11,951,345
Basic profit / (loss) per share is calculated by dividing the loss for the
period by the weighted average number of ordinary shares outstanding during
the period.
Diluted earnings per share is calculated by dividing the profit / (loss) for
the period by the weighted average number of ordinary shares outstanding
during the period plus the weighted average number of ordinary shares that
would be issued on conversion of all the dilutive potential ordinary shares
into ordinary shares.
Diluted profit / (loss) per share
Profit / (loss) per share requires presentation of diluted loss per share when
a company could be called upon to issue shares that would decrease net profit
or net loss per share. When the Group makes a loss the outstanding share
options are anti-dilutive and so are not included in dilutive potential
ordinary shares.
6. Notes to the statement of cashflows
Reconciliation of operating profit / (loss) to net cash flow from operations
Six months to 31 December 2023 Six months to 31 December 2022 Twelve months to 30 June 2023
£'000 £'000 £'000
Operating profit / (loss) 932 (5,132) (35,224)
Depreciation 458 326 722
Amortisation and exploration write-off - 18 32,834
(Gain) / loss on sale of property, plant and equipment - (10) (36)
Provision for share based payments 30 - -
Currency translation adjustments 10 (620) 74
Impairment of property, plant and equipment: development & production - 12,733 13,030
(Increase) / decreases in receivables (389) 45 1,077
Decrease in stock 11 25 26
Increase /(decrease) in payables 992 4,394 (1,089)
Net cash flow from operations 2,044 11,779 11,414
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. END IR PPUPPWUPCPUMRecent news on Parkmead
See all newsREG - Parkmead Group (The) - Interim Results for Six Months Ended 31 Dec 2023
AnnouncementREG - Parkmead Group (The) - Provisional Award of Three New UK Offshore Blocks
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Announcement