Information  X 
Enter a valid email address

Parkmead Group (The) (PMG)

  Print   

Wednesday 04 December, 2013

Parkmead Group (The)

Parkmead Awarded Five New Blocks Offshore UK

RNS Number : 6474U
Parkmead Group (The) PLC
04 December 2013
 



4 December 2013

 

The Parkmead Group plc

("Parkmead", "the Company" or "the Group")

 

Parkmead Awarded Five New Blocks Offshore UK

 

Parkmead is delighted to report that it has been provisionally awarded five additional UK blocks, through two new licences, in the second tranche of awards under the UKCS 27th Licensing Round, the results of which have been announced by the Energy Minister. This newly awarded territory is all operated by Parkmead and is situated in the UK Southern North Sea.

This award follows on from Parkmead securing six new licences covering a total of 25 offshore blocks in the first tranche of awards under the 27th Licensing Round. These blocks cover opportunities across the Central North Sea, Southern North Sea, West of Scotland and West of Shetland areas. Parkmead's experienced geoscience team has already begun various work programmes across these licences, with seismic and detailed mapping work underway.

As a result of the new licence awards, Parkmead's total number of oil and gas blocks across the UK and the Netherlands has increased to 53, with 39 of these operated by the Group. The total award of 30 blocks spanning eight licences in the UK 27th Licensing Round has increased Parkmead's asset base and added to its growing and balanced portfolio. The Company continues to build its presence in the Southern North Sea. Parkmead now holds large acreage positions with a number of exploration prospects indentified in addition to the Platypus gas field and the recent gas discovery at Pharos.

Five New Blocks in the Southern North Sea

Blocks 42/20, 42/25b, 43/16 & 43/21c (Parkmead 33.34% and operator) lie to the north of the Ravenspurn fields and are located in close proximity to the Kilmar and Garrow gas fields. These blocks already contain a Carboniferous gas prospect, Farne, as well as a further lead and a gas discovery. The work programme consists of obtaining 2D and 3D seismic data and conducting detailed seismic attribute analysis, leading to a drill or drop decision. The joint venture partners on these blocks are Ithaca Energy Limited and Bridge Energy Limited.

Block 43/10 (Parkmead 50% and operator) is situated immediately to the north west of the Cygnus gas field. The block contains plays at both Permian and Carboniferous level. Several prospects and leads have been identified, the most significant of which to date is the Carboniferous Axford prospect. The work programme includes 3D seismic inversion and seismic attribute analysis, followed by a drill or drop decision. Parkmead's co-venturer on this new licence is Bridge Energy Limited.

Tom Cross, Executive Chairman of Parkmead, commented, 

 

"We are delighted with these new licence awards, which increase Parkmead's total number of blocks to 53. The new blocks provide an excellent addition to our Southern Gas Basin portfolio, where Parkmead already has the Platypus gas field and recently made an important gas discovery with the Pharos exploration well.

 

Parkmead's success, with a total award of 30 blocks across the UK's 27th Licensing Round, is a direct result of the skills, experience and strong track record of the Parkmead team."

                                                                                                            

 

Enquiries:

 

The Parkmead Group plc


Tom Cross (Executive Chairman)  

+44 (0) 1224 622200

Ryan Stroulger (Chief Financial Officer)  

+44 (0) 1224 622200



Charles Stanley Securities (Financial Adviser, NOMAD and Corporate Broker to Parkmead)


Marc Milmo 

+44 (0) 20 7149 6000

Karri Vuori   

+44 (0) 20 7149 6000

Carl Holmes                                                      

+44 (0) 20 7149 6000



College Hill Associates (PR Adviser to Parkmead)


David Simonson

+44 (0) 20 7457 2020

Alexandra Roper

+44 (0) 20 7457 2020

 

 

 

Notes to Editors:

 

1.   Dr. Colin Percival, Parkmead's Technical Director, who holds a First Class Honours Degree in Geology and a Ph.D in Sedimentology and has over 30 years of experience in the oil and gas industry, has reviewed and approved the technical information contained in this announcement.

2.   Parkmead is an independent, upstream oil and gas company that is listed on AIM on the London Stock Exchange (symbol: PMG). Parkmead is focused on growth in the oil and gas exploration and production sector, targeting transactions at both asset and corporate levels.

3.   In November 2011, Parkmead completed the acquisition of stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus gas field and the Possum gas prospect. Mapping indicates the potential for Platypus and Possum to contain up to 180 and 100 billion cubic feet of gas in place, respectively.

4.   In December 2011, Parkmead agreed to acquire stakes in blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which contain the large Pharos gas prospect. These two gas-basin acquisitions were important, steps in the first stage of Parkmead's development as a new independent energy company.

5.   In March 2012, Parkmead agreed to acquire a portfolio of Netherlands onshore assets comprising four producing gas fields and two oil fields from Dyas B.V. This acquisition provided the Group with its first producing fields. At the effective date of the acquisition, 1 January 2012, these assets were producing at a rate of approximately 2,000 boepd, delivering approximately 300 boepd net to Parkmead. In addition, the portfolio provides the Group with future oil developments at Ottoland and Papekop. This acquisition completed in August 2012.

6.   In May 2012, Parkmead launched its recommended acquisition of DEO Petroleum plc ("DEO"), to be implemented by way of a Court-sanctioned Scheme of Arrangement (the "Scheme"). The Scheme became effective on the 9th August 2012. As a result, Parkmead now owns 52% and is operator of the UKCS Perth oil field, which is targeting Proven and Probable (2P) reserves of 41.3 million barrels of oil (21.5 million barrels of oil net to Parkmead).

7.   In October 2012, Parkmead was provisionally awarded several new licences under the UKCS 27th Licensing Round. The six new licences comprise interests in a total of 25 offshore blocks or partial blocks across the Central North Sea, West of Scotland and West of Shetland.

8.   In July 2013, Parkmead completed its recommended offer for Lochard Energy Group plc by way of a Scheme of Arrangement. This gave Parkmead a 10% interest in the producing Athena oil field.

9.   Through its wholly owned subsidiary, Aupec Limited, the Parkmead Group provides petroleum benchmarking and economics expertise to a wide range of government bodies and international oil and gas companies. Aupec has to date worked with over 100 governments, national oil companies, majors and independents, across the world, as well as a number of multi-national agencies such as the European Commission and the World Bank. Aupec is currently undertaking an important benchmarking project for a group of the world's largest super-major oil companies.

For further information please refer to Parkmead's website at www.parkmeadgroup.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLIFVRFELSIIV

a d v e r t i s e m e n t