Aberdeen-based independent oil and gas firm Parkmead said it is evaluating more acquisition opportunities to take advantage of low oil prices as it announced it made a £6.7 million loss in the year to June 30 compared to a loss of £31.4 million the year before.

Revenue at the UK and Netherlands focused group fell to £10.4 million from £18.6 million the previous year.

Parkmead said it has increased its Netherlands gas production more than six fold, has been awarded a new oil and gas licence in the West of Shetland area, doubled its stake in the Polecat and Marten oil fields in the Central North Sea and increased stake in the Perth and Dolphin fields to 60.05%.

Parkmead’s executive chairman Tom Cross said: “As we move towards 2017, Parkmead maintains its appetite for acquisitions.

“We will also seek to add shareholder value through a dynamic work programme to maximise the inherent value in our existing assets.

“The group has built a strong platform from which to become a key E&P (exploration and production) player in the North Sea, and we look forward to updating shareholders as we make further progress.”

Parkmead shares rose about 4%.

Cross added: “Our new licence awards in the 28th Round were an outstanding result for Parkmead, with 10 new offshore oil and gas blocks awarded to the group.

“We are delighted with the new award in the West of Shetland region targeting two prospects, Sanda North and Sanda South.

“West of Shetland is an area we understand well and has the potential to add major value to the company.

“Parkmead is well positioned to take advantage of the ongoing lower oil price environment, and the opportunities that are arising from this.

“We have excellent regional expertise, significant cash resources, and a growing, low-cost gas portfolio.

“The group will continue to build upon the inherent value in its existing interests with a licensing and acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders.”