Parkmead targets 'greener' deals after North Sea exit
Parkmead has retained its 100% owned and operated Kempstone Hill wind farm in the north-east of Scotland, and four producing onshore gas fields in the Netherlands. And it signalled that it was actively seeking to expand its portfolio, telling the City that it is 'continuing to mature a range of high-impact investment and acquisition opportunities'.
'These initiatives are aligned with the group's strategy to grow and diversify its interests across international E&P (energy and production) and UK renewable energy projects,' the company added in a statement.
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'Given that Parkmead will no longer be an offshore licence operator in the North Sea, with all the regulatory aspects and operational demands that entails, we have reduced staff positions and reduced our office space by over 40%.
'After more than four years of excellent service as a non-executive director, Robert Finlay has left the board with immediate effect to focus on his other activities. We would like to thank Robert for his important contribution to the group and wish him every success in the future. The company is well advanced in its process to bring a further independent NED (non-executive director) onboard and will provide an update in due course.'
Parkmead said Kempstone Hill wind farm 'continued to perform strongly' in the first half of the year and had maintained an 'exceptionally high level of operational efficiency, in the range 96-99%'. Declaring that this performance had demonstrated the 'reliability of the asset', the group said that it was 'continuing to assess the potential to expand the electricity production capability of the Kempstone Hill site, to make use of its excess grid capacity'.
In the Netherlands, the company reported average net production of 155 barrels of oil equivalent per day in the first half from its Dutch fields. It said its business had 'benefited from stronger commodity market conditions' over the period, with realised gas prices increasing to €41.86 per megawatt hour from €38.16/ MWh. It noted that it was evaluating new drilling targets to boost future production.
Mr Cross, who is known for building and then selling Dana Petroleum to the Korea National Oil Corporation for £1.6 billion, said: 'Parkmead has made strong progress across all elements of the business in the first half of 2025. We have completed the sale of our UK offshore-focused subsidiary, delivered solid operational performance from our onshore producing assets, advanced our flagship renewable energy project at Glenskinnan [in the north-east of Scotland], and achieved a very healthy and robust financial position.
'Our continued focus on strategic growth and efficiency ensures Parkmead is well positioned for the future."
Shares in Parkmead closed up 7.64%, or 1.10p, at 15.5p.
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