Parkmead Group has confirmed it is in talks to sell its assets in the North Sea following its announcement of a profit close to £5 million in its latest financial statements.
The CEO of Parkmead, Tom Cross, mentioned that the company’s North Sea holdings, which include oil licenses in the UK, offers buyers a “valuable long term asset” and a “UK ring fence tax loss pool”.
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The North Sea holdings include a 50% share in a license named P2536 in the Fynn Beauly area, as well as Orcadian Energy, which was acquired in the recent 33rd licensing round led by the North Sea Transition Authority (NSTA).
The company is aiming to expand its presence in the UK onshore wind sector, Mr. Cross stated, noting his approval of the lifting of the unofficial ban on onshore wind energy projects in England, which could unlock investment opportunities for Parkmead.
Mr Cross added: “The group’s robust financial position provides Parkmead with a distinct advantage as we seek to further enhance shareholder value through acquisition opportunities across the group.”
