TIDMPMG
RNS Number : 4606S
Parkmead Group (The) PLC
24 September 2014
24 September 2014
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
New Gas Field Discovered in the Netherlands
Parkmead is delighted to announce that a new gas field has been
discovered in the Netherlands by the Group's latest exploration
well.
The Diever-2 well, targeting the Diever West exploration
prospect, was drilled on behalf of the co-venturers by Vermilion
Energy using the Explorer TB2100S drilling rig. The well reached a
Total Depth (TD) of 7,457 feet and gas was discovered in a good
quality Rotliegendes age sandstone reservoir. The well discovered a
significant 157 foot gas column, with both net pay and porosity
values that have exceeded pre-drill expectations. Vermilion will
set production casing in the well prior to testing and it is
expected that Diever West will be tied into existing production
facilities in the area.
Diever West is located in the Drenthe IIIb production licence,
onshore Netherlands. Parkmead's co-venturers in the licence are
Vermilion Energy (operator), NAM and EBN.
Skerryvore Exploration Work Ahead of Schedule
The Company is also pleased to announce that a site survey has
begun at the Parkmead operated Skerryvore oil prospect. Skerryvore
was awarded to Parkmead under the UKCS 27(th) Licensing Round and
is located in the Central North Sea. It consists of two stacked
prospects at Palaeocene and Chalk level. The Skerryvore Palaeocene
prospect is thought to be a southerly extension of the Talbot oil
discovery to the north, and the deeper Skerryvore Chalk prospect
shows a similar seismic response to the neighbouring Cawdor
discovery. Parkmead owns a 30.5 per cent. stake in the Skerryvore
area. The survey will provide detailed technical information on the
Skerryvore site ahead of the prospect being drilled in 2015. The
Skerryvore prospect has the potential to contain up to 122 million
barrels of recoverable oil on a most likely, P50 basis.
Tom Cross, Executive Chairman, commented:
"We are delighted to report that a discovery has been made at
Diever West. This new field provides an excellent, additional
near-term production opportunity for Parkmead.
Exploratory work is already underway at the exciting Skerryvore
oil target. Skerryvore has the potential to add major value to
Parkmead's growing asset base".
Enquiries:
The Parkmead Group plc
Tom Cross (Executive Chairman) +44 (0) 1224 622200
Ryan Stroulger (Chief Financial Officer) +44 (0) 1224 622200
Charles Stanley Securities (Financial
Adviser, NOMAD and Corporate Broker
to Parkmead)
Marc Milmo +44 (0) 20 7149 6000
Karri Vuori +44 (0) 20 7149 6000
Carl Holmes +44 (0) 20 7149 6000
Instinctif Partners Limited (PR Adviser
to Parkmead)
David Simonson +44 (0) 20 7457 2020
Catherine Wickman +44 (0) 20 7457 2020
Notes to Editors:
1. The Parkmead Group is an independent oil and gas, exploration
and production company listed on the London Stock Exchange (symbol:
PMG), and is a constituent of the FTSE AIM 100 index. Parkmead is
focused on growth in the UK and Netherlands, targeting transactions
at both asset and corporate levels.
2. Dr Colin Percival, Parkmead's Technical Director, who holds a
First Class Honours Degree in Geology and a Ph.D in Sedimentology
and has over 30 years of experience in the oil and gas industry,
has reviewed and approved the technical information contained in
this announcement.
3. In November 2011, Parkmead completed the acquisition of
stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus
gas field and the Possum gas prospect. Mapping indicates the
potential for Platypus and Possum to contain up to 180 and 100
billion cubic feet of gas in place, respectively.
4. In December 2011, Parkmead agreed to acquire stakes in blocks
47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which
contained the Pharos gas prospect. These two gas-basin acquisitions
were important steps in the first stage of Parkmead's development
as a new independent energy company.
5. In March 2012, Parkmead agreed to acquire a portfolio of
Netherlands onshore assets comprising four producing gas fields and
two oil fields from Dyas B.V. This acquisition provided the Group
with its first producing fields and with future oil developments at
Ottoland and Papekop. This acquisition completed in August
2012.
6. In May 2012, Parkmead launched its recommended acquisition of
DEO Petroleum plc. As a result, Parkmead now owns 52% and is
operator of the UKCS Perth oil field, which is targeting Proven and
Probable (2P) reserves of 41.3 million barrels of oil (21.5 million
barrels of oil net to Parkmead).
7. In October 2012, Parkmead was awarded several new licences
under the UKCS 27(th) Licensing Round. The six new licences
comprise interests in a total of 25 offshore blocks or partial
blocks across the Central North Sea, West of Scotland and West of
Shetland.
8. In July 2013, Parkmead completed its recommended offer for
Lochard Energy Group plc. This gave Parkmead a 10% interest in the
producing Athena oil field.
9. In December 2013, Parkmead agreed to acquire a further 20 per
cent. interest in the Athena oil field from EWE VERTRIEB GmbH,
trebling Parkmead's interest in the Athena oil field to 30 per
cent.
10. Also in December 2013, in the second tranche of the UKCS
27(th) Licensing Round, Parkmead was awarded a further five UK
blocks through two new licences in the UK Southern North Sea. That
made a total award to Parkmead of 30 UK blocks across eight
licences within the UKCS 27(th) Licensing Round.
11. Through its wholly owned subsidiary, Aupec Limited, the
Parkmead Group provides petroleum benchmarking and economics
expertise to a wide range of government bodies and international
oil and gas companies. Aupec has to date worked with over 100
governments, national oil companies, majors and independents,
across the world, as well as a number of multi-national agencies
such as the European Commission and the World Bank. Aupec is
currently undertaking an important benchmarking project for a group
of the world's largest super-major oil companies.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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