Parkmead Completes UK North Sea Deal
UK and Netherlands explorer Parkmead said August 9 it has completed its acquisition, announced this May, of a 50% interest in the UK licence P2209 from Aberdeen-based Verus Petroleum.
P2209 comprises two adjacent blocks, Block 42/19 and Block 42/20b in the southern North Sea and includes the Farne Extension prospect and a further four prospective leads, according to Parkmead which originally held a 50% interest in the licence and so now owns the licence outright. The collection of prospects and leads on the licence has potentially 175bn ft3 of gas initially in place on a P50 (most likely) basis, operator Parkmead added.
The licence is directly to the south east of the Ineos-operated Breagh gas field.
Parkmead has UK offshore exploration assets west of Shetland, in the Moray Firth and southern North Sea, and onshore Netherlands. Executive chairman Tom Cross said that his company has “a 100% track record of drilling success in the UK southern [North Sea] gas basin to date, with successful wells drilled at Platypus and Pharos.” It has not divulged the price paid to Verus.
Mark Smedley