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 27th 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 |
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Tom Cross (Executive Chairman) |
+44 (0) 1224 622200 |
Ryan Stroulger (Chief Financial Officer) |
+44 (0) 1224 622200 |
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Charles Stanley Securities (Financial Adviser, NOMAD and Corporate Broker to Parkmead) |
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Marc Milmo |
+44 (0) 20 7149 6000 |
Karri Vuori |
+44 (0) 20 7149 6000 |
Carl Holmes |
+44 (0) 20 7149 6000 |
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Instinctif Partners Limited (PR Adviser to Parkmead) |
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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 27th 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 27th 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 27th 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.
