THE Parkmead Group run by Tom Cross is looking at North Sea acquisitions worth up to $100 million (£64m) weeks after he said the fall in the oil price created opportunities for the firm to make some cheeky offers.

The Aberdeen-based firm is set to return to the acquisition trail with $21 million fresh funding pledged by stock market investors, who have signalled they share Mr Cross's belief that now is a good time to invest in the North Sea.

"We feel there's a five year window to really get on and do some things," said the oil and gas entrepreneur.

Mr Cross, who grew Dana Petroleum into a £1.9bn business, said he also expects to be able to raise debt from banks that would give the company a sizeable fighting fund.

"We are looking at opportunities in the $50m to $100m dollar range," he said, adding: "Everything we are looking at is UK and Dutch."

Parkmead will use the funding to help unlock acquisition opportunities in an area where Mr Cross has said he expects to be able to cut deals at bargain prices. The fall in the crude price since June has left some firms facing big challenges. Some majors are shifting investment into other areas.

"There's opportunities coming out of the major companies where they are rationalising their portfolios," Mr Cross said. "But there's also corporate situations where you have some companies that have been hurt badly by the oil price."

Mr Cross said Parkmead was looking at distress sales and opportunities coming from the majors.

In March Mr Cross said Parkmead was running the numbers on 12 potential targets in the UK North Sea and Holland. He noted at the time: "As the oil price falls you can go and make some cheeky offers."

Yesterday Mr Cross added other reasons why it may be a good time to invest in the area, declaring:

"The biggest thing is costs have dramatically reduced. We've seen drilling costs reduce by 50 per cent and more ... it's a good opportunity to look at bringing new fields onstream."

Mr Cross added: "You've got some political impetus here; both the Scottish Government and the UK Government, with the election behind us everybody's focused on the next five years and improving the rate of drilling."

Mr Cross said Parkmead expects the oil price to increase in future. Cuts in investment made by some firms will result in supplies coming under pressure. He noted gas assets make attractive investment targets given current market dynamics.

Mr Cross is showing faith in the strategy by pumping another £100,000 into Parkmead Group, where he hopes to repeat the success he enjoyed at Dana Patroleum.

He said he has invested millions of dollars in Parkmead since joining the firm in 2010.

Mr Cross previously grew Dana into one of the biggest independents operating in the North Sea through acquisitions and its success in exploring for and developing fields.

He netted around £60m when the company was sold to Korea National Oil Corporation for £1.9bn in 2010.

Mr Cross has led Parkmead on a rapid expansion drive, which has involved a series of acquisitions in the UK and Holland.

Aim-listed Parkmead is raising the $21m through a share placing. It will issue 11,200,000 shares at 120p per share.

Mr Cross will buy 83,333 shares increasing his holding to 18,850,779 representing 19.05 per cent of the enlarged total.

His holding is worth £22.6m at the placing price, which values the enlarged company at around £120m.

Parkmead noted the placing price was at a 1.4 per cent discount to the closing mid market price of 121.75 pence per share on Friday 15 May.

Shares in Parkmead closed at 120p yesterday.