Parkmead Group (PMG), the North Sea explorer run by Tom Cross of Dana Petroleum fame, has made another gas discovery in the UK Southern North Sea. The Pharos exploration well, operated by Mr Cross' former company Dana, discovered the gas field just 14 kilometres from the Platypus gas field. Platypus, discovered in 2010, is being advanced towards a field development plan and was successfully appraised last year with a horizontal well.
Parkmead holds a 20 per cent interest in both licences, with studies ongoing to determine the volume of gas initially in place at Pharos. The well's success bodes well for other prospects in the surrounding area, including the Blackadder gas prospect in an adjacent block.
Parkmead has also reported its financial results for the year ended 30 June. Acquisitions helped deliver a 38 per cent increase in revenues to £4.1m, although pre-tax losses remained similar to last year's at £5.3m. Remaining cash balances of £13.3m look healthy, and the company is in advanced discussions with lenders regarding debt facilities in any case.
