Parkmead takes full ownership of UK North Sea license

Parkmead, a UK and Netherlands-focused o&g company, has signed a sale and purchase agreement with Verus Petroleum to acquire a 50% interest in the UK North Sea License P.2209, containing the Farne Extension prospect and a further four prospective leads.

License P.2209 comprises two adjacent blocks, Block 42/19 and Block 42/20b. With this acquisition, the license will become fully-owned by Parkmead. Completion of the acquisition is subject to normal regulatory approvals.

According to Parkmead’s statement on Wednesday, the collection of prospects and leads within the license potentially hold 175 billion cubic feet of gas on a, most likely, P50 basis.

Blocks 42/19 and 42/20b are situated in the Southern Gas Basin of the UK North Sea, directly to the southeast of the Breagh gas field. The primary play fairway developed on this acreage is the Carboniferous sands, which form the productive reservoirs in the nearby gas fields at Breagh, Kilmar, and Cavendish.

The most prominent prospect on the block is the Farne Extension, which is a northwestern extension of the Farne prospect. To date, four additional leads have been identified within the blocks.

Parkmead said that it intended to obtain new high-quality 3D seismic data to refine the largest targets on these blocks and carry out seismic attribute analysis to predict good quality reservoir areas. This new data will be analyzed to de-risk the targets ahead of drilling decisions.

So far, the company has drilled two wells in the UK Southern Gas Basin. Namely, Parkmead drilled a horizontal appraisal well at Platypus, which flow tested at 27 million cubic feet per day, and an exploration well at Pharos which discovered a new UK gas field.

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