Parkmead completes UK North Sea asset acquisition


Oil and gas group Parkmead has completed the previously announced acquisition of 50% interest in the UK North Sea Licence P.2209 from Verus Petroleum (SNS).

Following the acquisition, Parkmead’s interest in the licence increased from 50% to 100%.

The licence hosts the Farne Extension prospect and four additional prospects and comprises two adjacent blocks, Block 42/19 and Block 42/20b.

The blocks are located in the Southern Gas Basin of the UK North Sea towards the south-east of the Breagh gas field.

The licence includes all Parkmead-operated prospects and leads and is initially expected to contain 175 billion cubic feet of gas.

Parkmead executive chairman Tom Cross said: “We are delighted to double our stake in this attractive area, which expands Parkmead's portfolio in the Southern Gas Basin.

"Parkmead has a 100% track record of drilling success in the UK Southern Gas Basin to date, with successful wells drilled at Platypus and Pharos.quot;

“Parkmead has a 100% track record of drilling success in the UK Southern Gas Basin to date, with successful wells drilled at Platypus and Pharos.

“Our technical and commercial teams at Parkmead are working hard to evaluate and execute further value-adding opportunities in our core areas of the UK and Netherlands.”

The primary play fairway developed on this acreage is composed of Carboniferous sands that form the productive reservoirs in the nearby gas fields at Breagh, Kilmar and Cavendish.

Farne Extension, situated towards the north-west of Farne, has been identified as the most prominent prospect on the block.

In addition to Farne Extension, four further additional possibilities have been identified at Carboniferous level within the two blocks, all of which exhibit structural closures mapped at Base Permian level.