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Deal raises reserves by 19%

Parkmead raises stake in North Sea project

Tom CrossParkmead, the oil and gas group headed by Tom Cross, has upped its stake in a major North Sea project in a move which it said significantly increased the company’s oil reserves.

The Aberdeen-based company has increased its holding in the Perth and Dolphin oil fields in the Moray Firth and now holds just over 60% of the licences they are in.

The fields, which are both operated by Parkmead, are at the core of Parkmead’s major Perth-Dolphin-Lowlander (PDL) oil hub project.

This transaction follows Parkmead’s recent acquisition of an additional 50% equity in the nearby Polecat and Marten fields.

Parkmead said the latest deal has increased the group’s total proved and probable (2P) reserves by 19% to 27.9 million barrels of oil equivalent. It believes the development of the Perth, Dolphin and Lowlander fields as a single project would create valuable economies of scale by using the same dedicated production facilities.

The three fields have been fully appraised, with a combined total of 13 wells drilled, and contain oil in place of over 400 million barrels. It is expected that recoverable reserves from the PDL oil hub development will be over 80 million barrels of oil, which is double the initial recoverable reserves of the Perth field as a standalone project.

Executive chairman Cross said: “This growth step strengthens Parkmead’s asset base in the centre of the Company’s major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea.

“Parkmead is working intensively to evaluate and execute further value-adding opportunities in its core areas of the UK and Netherlands.”

 

 



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