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RNS Number : 4416B
Parkmead Group (The) PLC
17 April 2012
17 April 2012
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Platypus Appraisal Well Commences in UK Southern North Sea
The Parkmead Group plc is pleased to report that the Platypus gas field appraisal well has begun drilling in the UK Southern North Sea.
The Platypus gas field, located in Blocks 48/1a and 48/1c, lies just 18km north north west of the West Sole gas field and 15km west south west of the Babbage gas field. The Rotliegendes gas accumulation at Platypus was discovered in 2010 by the Dana Petroleum plc operated 48/1a-5 well, which encountered 218 vertical feet of gas bearing sands and has the potential to contain up to 180 billion cubic feet of gas in place.
The drilling operation is being undertaken by Dana Petroleum as operator using the ENSCO 80 drilling rig. This well will be drilled horizontally through the Rotliegendes gas reservoir to confirm deliverability and is expected to be suspended for reuse as a gas producer. The other joint venture partners are First Oil Expro Ltd and CalEnergy Gas Ltd.
Tom Cross, Executive Chairman of Parkmead, commented:
"We are delighted to report that Parkmead's first well in the North Sea has started drilling. The Company's oil and gas portfolio is growing rapidly, with three acquisitions made in recent months, giving Parkmead a balanced asset base of production, development, appraisal and exploration opportunities."
For enquiries please contact:
The Parkmead Group plc 01224 622200
Tom Cross, Executive Chairman
Donald MacKay, Chief Financial
Kathryn Ramsay, Investor Relations
Charles Stanley Securities 020 7149 6000
Nominated Adviser & Broker
College Hill Associates 020 7457 2020
Notes to Editors:
1. Parkmead is an independent oil and gas company that is listed on AIM on the London Stock Exchange (symbol: PMG). Parkmead's primary focus is in the upstream oil and gas exploration and production sector, targeting transactions at both asset and corporate levels.
2. In November 2011, Parkmead completed the acquisition of stakes of 15% each in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus gas field, discovered in 2010, and the Possum gas prospect.
3. In December 2011, Parkmead announced that it had signed an agreement to acquire stakes of 20% each in blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which contain the large Pharos gas prospect. This structure has the potential to hold up to 500 billion cubic feet of gas in place. These two acquisitions have marked important steps in Parkmead's first stage of its development as a new independent energy company. This acquisition completed in February 2012.
4. In March 2012, Parkmead announced that it had signed an agreement to acquire a portfolio of Netherlands onshore assets comprising four producing gas fields and two oil fields from Dyas B.V. The acquisition of these assets provides the Group with its first producing assets. At the effective date of the acquisition, 1 January 2012, these assets were producing at a rate of approximately 2,000 boepd, being 300 boepd net to Parkmead. In addition, the portfolio being acquired provides the Group with near term oil developments at Ottoland and Papekop with the former forecast to come onstream later in 2012 or in 2013.
5. Parkmead's capabilities have been significantly enhanced through the acquisition and integration of Aupec Limited ("Aupec"). As a result, going forward the Group plans to actively pursue investment and advisory opportunities throughout the North Sea, and internationally, using the combined capabilities of the enlarged Parkmead Group.
6. Through its wholly owned subsidiary, Aupec, the Parkmead Group provides petroleum economics, benchmarking and valuation 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 and Aupec's website at www.aupec.com
This information is provided by RNS
The company news service from the London Stock Exchange