REG - Parkmead Group (The) - Notice of Results and Trading Update

ParkmeadAnnouncement

03/11/2023 17:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231103:nRSC3973Sa&default-theme=true

RNS Number : 3973S  Parkmead Group (The) PLC  03 November 2023

3 November 2023

 

The Parkmead Group plc

("Parkmead", the "Group" or the "Company")

 

Notice of Results and Trading Update

Parkmead, the independent energy group with operations in the Netherlands and
the UK, would like to notify shareholders that it expects to publish its
preliminary results for the year ended 30 June 2023 on or before 30th November
2023.

The results for the year are expected to show revenues of £14.77 million
(2022: £12.13 million). Following the successful new gas discovery drilled at
LDS-01, production from our Dutch assets in the second half was temporarily
reduced in connection with the previously announced shut in. This was to
facilitate the optimisation works necessary to accommodate the increased gas
and condensate production from the tie-in of the new well. LDS-01 has very
recently been brought into production and initial flowrates are higher than
anticipated. A more detailed review of the good performance of the Dutch
assets will be provided with the full results statement.

As announced in June 2023, the results for the year will also reflect the
non-cash write down of approximately £33 million associated with the
relinquishment of the P588 and P2154 licences in the Perth area of the UK
North Sea.  As announced in March 2023, in the half-year results, a non-cash
write down of approximately £13 million has been taken to reflect the planned
relinquishment of licence P1293 (Athena area) following completion of
abandonment operations offshore.

Parkmead looks forward to updating shareholders on a number of positive
developments within the Group's renewable energy and oil and gas projects when
the full year results are announced later this month.

Enquiries:

 

 The Parkmead Group plc                                        +44 (0) 1224 622200
 Tom Cross (Executive Chairman)
 Andrew Smith (Business Development Director)

 Cavendish Capital Markets Ltd (NOMAD and Broker to Parkmead)  +44 (0) 20 7220 0500
 Marc Milmo / Seamus Fricker - Corporate Finance
 Andrew Burdis / Barney Hayward- ECM

 

The Group's Nominated Adviser and Broker, finnCap Ltd, has now changed its
name to Cavendish Capital Markets Ltd following completion of its own
corporate merger.

 

About Parkmead

 

The Parkmead Group is a UK and Netherlands focused independent energy group
listed on AIM of the London Stock Exchange (AIM: PMG). The Group produces
natural gas from a portfolio of four fields across the Netherlands and holds
significant additional oil and gas interests across the UK and Dutch sectors.
Parkmead also 100% owns and operates the Kempstone Hill wind energy company,
producing electricity direct to the UK grid. This is in addition to a range of
complementary renewable energy opportunities throughout the Group.

 

For further information please refer to Parkmead's website at
www.parkmeadgroup.com

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBRBDBRGGDGXX