Major prospect

Parkmead seeks partners in North Sea

Parkmead employee
Parkmead sees opportunities in the North Sea

Energy company, Parkmead Group, is seeking commercial partners to invest in what is billed as one of the North Sea’s largest undeveloped oil projects.

The Aberdeen-based firm has brought in Gneiss Energy, an Edinburgh boutique which works internationally and specialises in corporate advice to the sector.

The company says the Greater Perth Area (GPA) in the Moray Firth holds approximately 55 million barrels of recoverable oil equivalent in the core Perth field.

The wider GPA project has the potential to deliver between 75 and 130 MMBoe and Parkmead holds a 100% interest in the field.

Parkmead, which trades on the Alternative Investment Market, said significant global changes have made it more attractive to invest in projects such as GPA.

Russia’s assault on Ukraine has increased the UK Government’s focus on energy security and underlined the importance of having “robust” domestic production, it added.

Parkmead has some gas production in the Netherlands, interests in several North Sea licences and owns the Kempstone Hill wind farm in the north of Scotland.

Its chair is Tom Cross, formerly led Dana Petroleum which was sold in 2010 for £1.7 billion to Knoc, South Korea’s national oil company.

He said: “We have secured 100% of the GPA project and delivered a commercial export solution, so now is the right time to drive the project forward with a complementary industry partner.

“GPA is one of the North Sea’s largest undeveloped oil projects and its development would serve to increase the UK’s energy security once on-stream.”

Shares closed up 4.6% at 68p.

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