Parkmead Awarded Five Blocks in Southern North Sea

Parkmead 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, said: “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.”

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Press Release, December 04, 2013