Reduced operating expenses and a £5m disposal gain enabled Parkmead Group (PMG) to report a full-year operating profit of £2.06m, against a loss of £5.1m in 2013. Revenues came in at £24.7m, a 506 per cent increase from last year, as new oil production from the Athena field - in which Parkmead holds a 30 per cent stake - started to kick-in.
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The improved financial metrics, though obviously welcome, take a back seat to the six new licences awarded to Parkmead through the recently announced UKCS 28th licensing round. The new licences span nine offshore blocks, and come on top of Parkmead's strong showing at the previous round.
