Parkmead seeks more acquisitions

Oil explorer Parkmead is on the look-out for further acquisitions after two “milestone” deals during the first half of the year helped deliver a three-fold increase in assets.

The firm said a recent £20 million fundraising exercise placed it in a “strong” position for further expansion following the takeover in August of fellow Aberdeen company Deo and the purchase of onshore gas assets in the Netherlands.

Executive chairman Tom Cross said: “As Parkmead progresses through 2013, the group will continue to explore acquisitions that add reserves and production.”

Total assets surged to £40m by the end of December, from £13.4m a year earlier, with revenues jumping 48 per cent to £2m. Operating losses were largely flat at £2.7m, but Cross – who built Dana Petroleum into one of the North Sea’s most active players before its £1.87bn sale to Korea National Oil Company in 2010 – said the deficit was to be expected as Parkmead is still in its early growth stage.

Parkmead also said yesterday that commercial director Ryan Stroulger had been appointed as finance director and company secretary following the retirement of Donald MacKay.