Parkmead sees revenue increase thanks to rising gas prices and secure drilling platform; Stocks rise

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By Michael Susan


Shares of Parkmead Group PLC rose on Wednesday after the company said it benefited from high gas prices in Europe due to the war in Ukraine and expects significant additional revenue after securing a drilling platform.

Shares at 0738 GMT were up 9.1 pence, or 21%, at 51.8 pence.

The oil and gas company said it expects to report revenue from its Dutch gas assets for the year ended June 30 of 14.5 million euros ($14.9 million).

The company said gas prices remained around 100 euros per megawatt-hour after Russia invaded Ukraine, and prices had risen sharply since mid-June. He currently expects prices to remain high in the short to medium term.

The company said the average gross production from the Dutch assets was around 3,750 barrels of oil equivalent per day, with an average net revenue – the value of the volume to be sold minus transportation costs – of around $120 per day. barrel of oil equivalent while field operating costs were $8.6 per boe.

Parkmead said it has also secured a drilling rig for the two-well LDS campaign in the Netherlands, which is expected to be received earlier than expected at the start of the fourth quarter.

“The period to bring these onshore targets into production is very short and, if successful at LDS, would result in significant additional revenue and cash flow,” he said.


Write to Michael Susin at michael.susin@wsj.com

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