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16 Nov 2018 | 07:36

Parkmead losses deepen on higher exploration bill

Oil and gas producer Parkmead Group reported a deeper annual loss after it almost doubled spending on exploration.

Pre-tax losses for the year through June amounted to £5.9m, compared to £4.3m of losses on-year.

Revenue rose 70% to £7.0m and gross profit, which strips out exploration spending and other costs, more than tripled to £4.1m.

Production at the Diever West gas field in the Netherlands was enhanced, the company said, and achieved a new gross average monthly high in May 2018 of 56.9m cubic feet per day.

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