TOM Cross has highlighted his appetite to buy more assets to further his ambition to grow the Parkmead Group he runs into a significant force in the North Sea.

The oil and gas entrepreneur said Parkmead Group was eyeing a return to the acquisition trail after using a series of deals to build a business he believes can achieve rapid growth in the area.

"As we advance towards 2014 and beyond, our team maintains its appetite for acquisitions," said Mr Cross, who made about £57 million when the Dana Petroleum business he developed was sold to Korea National Oil Corporation for £1.9bn in 2010.

He added: "The Group has built a strong platform from which to become a key exploration and production player in the North Sea."

After leading Dana on a major expansion programme in the North Sea, Mr Cross's remarks underline his belief there is still plenty of money to be made in what is a mature oil and gas province.

North Sea-focused EnQuest provided a dramatic reminder that Mr Cross's faith is shared by others when it gave the green light to a £4bn plan to develop the giant Kraken heavy oil field east of Shetland yesterday.

Mr Cross signalled Parkmead Group could be in the market for more corporate takeovers or to buy individual assets after using both kinds of acquisitions since he took charge late in 2010.

The Aim-listed group recently achieved a big increase in cash-generating production after acquiring a stake in the Athena field through the £14.5m takeover of Lochard Energy.

The company acquired interests in the undeveloped Perth and Lowlander fields in the central North Sea though the £12.7m takeover of DEO Petroleum last year.

Parkmead is working with Faroe Petroleum to assess the potential of bringing the fields into production together. It has a 1.8% stake in Aim-listed Faroe Petroleum, which emerged out of Dana Petroleum.

Announcing its results for the year to June, yesterday, Parkmead said the investment in Faroe is held as available-for-sale. It said the same in last year's results announcement.

Parkmead said the value of its stake fell to £4.4m at the year end from £6.5m at the end of the preceding year. It noted Faroe recorded unsuccessful drilling results from wells on the North Uist prospect West of Shetland and the Darwin prospect in Norway in quick succession.

But Mr Cross said Parkmead still thinks Aberdeen-based Faroe has "long-term upside" with an ongoing drilling programme and a broad portfolio of exploration licences.

Parkmead was awarded stakes in 25 exploration blocks in the latest UK licensing round; a result Mr Cross said put the company in the top tier of awardees.

Parkmead increased turnover to £4.1m in the year to June from £2.9m in the preceding year, reflecting the acquisition of producing assets onshore Holland from Dyas last year.

It made a pre-tax loss of £5.3m compared with £4.9m last time.

Administrative expenses increased to £7.7m from £5.5m.

Separately, EnQuest said it increased average production by 7% in the 10 months to October, to 23,129 barrels oil equivalent daily from 21,569 boed in the same period last year.

The company's strategy involves trying to boost production from mature assets in which bigger fish may not want to invest in areas where it believes more oil and gas could be found.

It said the Kraken field is expected to come onstream in 2016/17 and to produce peak oil of over 50,000 boepd.

EnQuest has a 60% interest in Kraken. Edinburgh-based Cairn Energy has a 25% stake, while Ian Suttie's First Oil has 15%.

EnQuest hopes to restart production from the first producing field in the UK North Sea, next year. Originally named Argyll, it is now the Alma Galia development.

Chief executive Amjad Bseisu said Alma Galia will generate a material increase in EnQuest's production in 2014.

The company said it expects production to average 22,000 boed to 24,500 boed in 2013, compared with 22,802 boed in 2012.

Enquest has made 16 acquisitions in the North Sea, including two agreed in the past three months.