Parkmead Group has confirmed it is “in discussions” over the sale of the firm’s North Sea assets after declaring a near £5million profit in its annual results.
Company boss Tom Cross said the firm’s UK offshore portfolio of oil licenses offers buyers a “valuable long term asset” and a “UK ring fence tax loss pool”.
North Sea assets include a 50% stake in a licence P2536 in the the Fynn Beauly discovery, along with Orcadian Energy which it picked up in the recent 33rd licencing round led by the North Sea Transition Authority (NSTA).
The group is looking to grow its UK onshore wind portfolio, Mr Cross said, adding the that he welcomed the removal of the de facto ban on onshore wind energy developments across England "which may unlock a range of investment opportunities”.
Commenting on the group's preliminary results, Mr Cross added: "We have delivered another year of strong operational results, which has led to a healthy profit for the Group and earnings of over four pence per share.
"Parkmead continues to benefit from its balanced portfolio, and in particular its exposure to the UK renewables market which the new UK Government sees as a key area for growth. We welcomed the removal of the de facto ban on onshore wind energy developments across England which may unlock a range of investment opportunities.
"As set out at the time of the interims, Parkmead has a valuable long term asset in its UK offshore oil licences and its UK ring fence tax loss pool. The company is in ongoing discussions as it seeks to deliver shareholder value from this asset.
"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."