Shares in Parkmead Group leapt by nearly 8% after the energy company declared it was “well poised to capitalise on opportunities in renewables”, following the conclusion of “all post-completion tasks” related to the sale of its North Sea oil assets.
The Aberdeen-based company, led by [[North Sea]] veteran Tom Cross, said it had “reduced staff positions” and its office space by more than 40% following the disposal, which has freed Parkmead to “focus its attention on the delivery of greener energy”. It also revealed that it has parted company with non-executive director Robert Finlay, who has left with immediate effect following four years of service.
The company sold subsidiary Parkmead (E&P), which included its North Sea oil licences, to Serica Energy in a deal worth up to £134 million that was first announced in December. It cited the ongoing challenges “in the form of the current political environment towards UK oil and gas” – a reference to the windfall tax on North Sea profits that was increased by the Labour Government after coming to power – and the focus of the Starmer administration’s net zero strategy as it explained the rationale for the sale.
Parkmead has retained its 100% owned and operated Kempstone Hill wind farm in the north-east of Scotland, and four producing onshore gas fields in the Netherlands. And it signalled that it was actively seeking to expand its portfolio, telling the City that it is “continuing to mature a range of high-impact investment and acquisition opportunities”.
“These initiatives are aligned with the group’s strategy to grow and diversify its interests across international E&P (energy and production) and UK renewable energy projects,” the company added in a statement.
“Given that Parkmead will no longer be an offshore licence operator in the North Sea, with all the regulatory aspects and operational demands that entails, we have reduced staff positions and reduced our office space by over 40%.
“After more than four years of excellent service as a non-executive director, Robert Finlay has left the board with immediate effect to focus on his other activities. We would like to thank Robert for his important contribution to the group and wish him every success in the future. The company is well advanced in its process to bring a further independent NED (non-executive director) onboard and will provide an update in due course.”
Parkmead said Kempstone Hill wind farm “continued to perform strongly” in the first half of the year and had maintained an “exceptionally high level of operational efficiency, in the range 96-99%”. Declaring that this performance had demonstrated the “reliability of the asset”, the group said that it was “continuing to assess the potential to expand the electricity production capability of the Kempstone Hill site, to make use of its excess grid capacity”.
In the Netherlands, the company reported average net production of 155 barrels of oil equivalent per day in the first half from its Dutch fields. It said its business had “benefited from stronger commodity market conditions” over the period, with realised gas prices increasing to €41.86 per megawatt hour from €38.16/ MWh. It noted that it was evaluating new drilling targets to boost future production.
Mr Cross, who is known for building and then selling Dana Petroleum to the Korea National Oil Corporation for £1.6 billion, said: “Parkmead has made strong progress across all elements of the business in the first half of 2025. We have completed the sale of our UK offshore-focused subsidiary, delivered solid operational performance from our onshore producing assets, advanced our flagship renewable energy project at Glenskinnan [in the north-east of Scotland], and achieved a very healthy and robust financial position.
“Our continued focus on strategic growth and efficiency ensures Parkmead is well positioned for the future.”
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