Parkmead seeks more deals after ‘excellent’ year

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Oil explorer Parkmead is on the look-out for more acquisitions after a pair of deals helped its asset base more than double last year.

The Aberdeen-based firm has snapped up rivals Deo Petroleum and a portfolio of assets in the Netherlands from Dyas, and said its total assets surged 133 per cent to £53.4 million in the year to the end of June.

Executive chairman Tom Cross said the group had made “excellent progress” during the year.

He added: “As we advance towards 2014 and beyond, our team maintains its appetite for acquisitions and will seek to add shareholder value through a dynamic work programme.

“The group has built a strong platform from which to become a key exploration and production player in the North Sea.”

Revenues grew by 38 per cent to £4.1m during the year, but increased costs saw its pre-tax losses widen to £5.3m, from £4.9m a year ago.

Parkmead had a cash balance of £13.3m at the end of June, and Cross said the firm was in advanced talks with lenders to increase its “financial firepower”.