StockMarketWire.com - Energy group Parkmead reported wider losses owing to a £10.9 million writedown of assets related to the relinquishment of licences in the UK North Sea.

For the year ended 30 June 2021, pre-tax losses widened to £13.4 million from £792,000 as revenue fell to £3.6 million from £4.1 million.

The reduced revenue in the year reflected the 'substantially lower commodity prices during 2020 resulting from the pandemic,' the company said.

Exploration and evaluation expenses jumped to £11.1 million from £1.6 million, which included a non-cash impairment of £10.9 million related to the relinquishment of licences P.2296, P.2362 and P.1242 (Platypus) in the UK North Sea.

Looking ahead, the company said it had started the 2022 financial year on a 'sound footing with record high gas prices and work ongoing across a number of projects which should pave the way for a successful year ahead.'


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