THE Parkmead Group run by oil and gas entrepreneur Tom Cross has moved into profit as it works on plans to develop North Sea fields and renewable energy projects.

Aberdeen-based Parkmead made £4.8 million profit before tax in the year to June 30, compared with a £5.9m loss last time.

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Revenues rose to £8.3m from £7m, reflecting increased output from the Diever field. This is on acreage in the Netherlands that Parkmead bought in to in 2012.

The firm has made eight acquisitions since Mr Cross took charge in 2010 following the £1.9 billion takeover of the Dana Petroleum business he developed, by Korea National Oil Corporation.

Mr Cross noted Parkmead hopes to start production from the Platypus gas field in the UK North Sea in 2022. A development plan has been submitted to the regulator.

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Parkmead is in talks with services firms and infrastructure owners about plans for the Greater Perth Area oil development.

Mr Cross said that since the year end Parkmead had accessed renewable energy opportunities through the acquisition of Pitreadie Farm, a company owning some 2,320 acres of land in Aberdeenshire. He noted: “Potential has already been identified for a large wind farm, with further potential for solar farm projects and a biomass production facility,”