UK North Sea: Parkmead Completes Sorgenia Acquisition

Independent oil and gas company Parkmead Group has today announced the completion of its acquisition of four 20 per cent interest stakes offshore in the UK .

Under the deal, Parkmead takes a 20 per cent stake interest in four blocks in the UK Southern North Sea from Sorgenia E&P's. These blocks are 47/4d, 47/5d, 47/10c and 48/6c, which include the Pharos gas prospect in the 47/10-8 gas discovery. The blocks are adjacent to four licence areas in which Parkmead already holds a stake, which includes the Possum prospect and the Platypus field.

Executive Chairman of Parkmead Tom Cross today welcomed the completion of the deal.

"'We are pleased to have secured stakes in these attractive licence areas, which are in close proximity to our interests in the Platypus gas field and the Possum prospect," he said. "These four blocks contain a number of targets, including the large Pharos prospect which we expect to drill later in 2012 or early in 2013, following the next well at Platypus which is due to start drilling within the next few weeks."

Parkmead estimate the reserves in the Pharos prospect to amount to up to 500 billion cubic feet of gas in place. Work on the prospect is expected to include the drilling of an exploration well in Block 47/5 d towards the boundary with 47/4d, on the north western end of the Pharos Structure, a statement from the company says. 

Pharos is a large closure with a vertical relief of up to 600 ft, and an areal extent of up to 6,000 acres.

Dana Petroleum is the operator of the Pharos gas prospect with a 50 per cent stake. Sorgenia E&P holds a 15 per cent stake in the prospect following the acquisition, while MPX holds the remaining 15 per cent stake.