Parkmead Group will increase its interest in the Skerryvore prospect in the Central North Sea, where UK authorities have approved plans for the drilling of a new exploration well.

In a statement, the Aberdeen-based company, said its stake in the project will rise to 50% from 30% – with partners Serica Energy and CalEnergy holding 20% and 30% respectively.

The Skerryvore well will be Parkmead’s first exploration as an operator, it said. The well is planned to test ‘stacked’ exploration targets estimated at around 157m barrels of oil equivalent.

The ownership change means Neo Energy has exited from the licence while Parkmead will retain its position as the operator.

Aim-traded Parkmead is led by Tom Cross, who ran Dana Petroleum until it was sold for £1.7 billion in 2010 to KNOC.

Parkmead has gas production interests in the Netherlands and owns the Kempstone Hill wind farm in the north of Scotland.

Mr Cross, executive chairman, said: “Parkmead’s technical team has made significant progress on the licences held by the company and the decision to proceed with drilling the Skerryvore prospects is a major milestone. We will continue to evaluate the exploration potential of other licences it holds.”

In July, Parkmead announced it had brought in Gneiss Energy, a specialist adviser, to find partners to develop the Greater Perth Area assets in the North Sea. The region is estimated to have up to 130 million barrels of oil available.