Tom Cross eyes further acquisitions as he looks to build Parkmead

By PERRY GOURLEY
Published on 16/11/2012 20:51

OIL entrepreneur Tom Cross is still hungry for acquisitions for his Aberdeen-based Parkmead venture despite completing a string of deals already this year.

Cross, who successfully built Dana Petroleum into one of the North Sea’s most active players before its £1.8 billion sale in 2011, said he was also keen to build reserves through Parkmead’s active drilling programme.

“We believe the group has created a strong platform to become a key exploration and production player in the North Sea and elsewhere in Europe,” said Cross, who is executive chairman of the company he joined after the Korea National Oil Corporation bought Dana.

Full-year figures released yesterday showed that acquisitions completed so far had taken Parkmead’s total assets up by 86 per cent to £22.9 million in the 12 months to the end of June. Deals completed included the swallowing of fellow Aberdeen company Deo Petroleum.

“Parkmead has built a high-quality and balanced portfolio, with a rapid growth in its reserve base and since the financial year end has achieved first production through the acquisition of assets in the Netherlands,” said Cross.

Last month, Parkmead was awarded interests in 25 offshore blocks in the UK government’s 27th licensing round. Cross said the new licences would “significantly increase Parkmead’s asset base in the UK”.

The firm expects to gain more licences when permits for the UK’s southern gas basin are awarded.

Parkmead reported revenues of £2.9m in the last financial year, down from £3.7m the year before, and booked an operating loss for the period of £4.7m, compared to £3.6m a year ago.