Parkmead (AIM:PMG) posted an accounting loss of £0.9 million for the six months to 31 December 2025 (1H FY25: £1.2m), as revenue fell to £1.5 million from £2.1 million a year earlier. The decline reflected lower net gas production of 143 boepd (1H FY25: 181 boepd) and weaker realised Dutch TTF prices during the period (average €32.14/MWh versus €38.16/MWh).
Cost of sales rose to £1.8 million (1H FY25: £0.9m), driven by higher non‑cash depletion charges in the Netherlands, producing an operating loss of £1.2 million (1H FY25: £1.0m). Cashflow from operations showed a net outflow of £1.0 million (1H FY25: £2.3m). Net assets stood at £26.1 million at 31 December 2025, equal to 23.9 pence per share.
Liquidity is the headline development. At the period end Parkmead held £8.9m in cash and £4.0m on term deposit. The company received a second deferred payment of £3.1m from the sale of Parkmead (E&P) Ltd on 27 February 2026 and, as at 26 March 2026, total cash and term deposits had risen to £16.1m — a position the company said provides headroom for organic drilling and renewables development. Group debt remains minimal at £0.7m, and a small facility with Close Leasing was renewed and amortises to September 2032.
On renewables, Parkmead is advancing the proposed Glenskinnan Renewable Energy Park in Aberdeenshire with partner Galileo Empower. The development concept targets up to 98 MW from 14 wind turbines, a potential 20 MW solar PV array and a Battery Energy Storage System of up to 30 MW, with an additional round of public consultations planned for 2026. The company intends to submit a Section 36 planning application to the Scottish Government during 2026 and says the project aligns with the UK Government’s Clean Power 2030 Action Plan.
"Parkmead continues to make excellent progress at Glenskinnan, with this major project clearly aligned with the Government's Clean Power 2030 Action Plan." — Tom Cross, Executive Chairman
In the Netherlands Parkmead has advanced several low‑cost drilling targets. Drenthe V has completed well design and modelling and is targeting an infill well (GSB‑02) in late 2026, with long‑lead items already acquired. A subsurface scoping exercise in 2025 identified two further potential wells on Drenthe VI in addition to the VDW‑A prospect; unitisation with neighbouring licences will be required for some targets. Parkmead remains un‑hedged and therefore exposed to the upside from recent post‑period increases in European gas prices, which the company notes have risen by well over 50% following the military conflict in the Middle East.
The sale of UK North Sea licences also remains a potential value lever. Parkmead received the second deferred payment of £3.1m and has a third deferred payment of £3.9m due on 27 February 2027. The company says up to a further £120m of contingent consideration could become payable subject to approval of Field Development Plans for P2400 (Skerryvore) and P2634 (Fynn Beauly) by the North Sea Transition Authority. Serica, now operator of the Skerryvore licence, is legally committed to drill the Skerryvore prospect before 31 March 2027 and estimates a primary target of up to 36 mmboe recoverable with a 43% chance of success.
The board says it is focused on using available cash to pursue accretive acquisitions and to progress organic, cash‑generating projects. Key near‑term milestones flagged by the company are the Section 36 planning submission for Glenskinnan during 2026 and planned Netherlands drilling in late 2026. The company said the strong post‑period cash position leaves it well placed to advance those catalysts.
