Parkmead Increases Stake in 'Major' UKCS Oil Project
Parkmead, the UK and Netherlands focused independent oil and gas group, has increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea.
The Perth and Dolphin fields are located across Blocks 15/21a, b, c and f and 14/25a in Licenses P.218, P.588 and P.2154. Through this acquisition, Parkmead will increase its equity in these licenses to 60.05 percent. The fields, which are both operated by Parkmead, are at the core of the company’s major Perth-Dolphin-Lowlander (PDL) oil hub project.
Perth and Dolphin are two Upper Jurassic Claymore sandstone accumulations that have tested 32-38° API oil at production rates of up to 6,000 barrels of oil per day, per well. As a result of the latest agreement, Parkmead has increased the group’s total proved and probable (2P) reserves by 19 percent, from 23.5 to 27.9 million barrels of oil equivalent.
This transaction follows Parkmead’s recent acquisition of an additional 50 percent equity in the Polecat and Marten fields, announced Aug. 10.
The development of the Perth, Dolphin and Lowlander fields as a single project would create valuable economies of scale, by using the same dedicated production facilities, whilst providing a new long-term hub for other future projects in the area, says Parkmead.
The three fields have been fully appraised, with a combined total of 13 wells drilled, and contain oil in place of over 400 million barrels, according to the group. It is expected that recoverable reserves from the PDL oil hub development will be over 80 million barrels of oil, which is double the initial recoverable reserves of the Perth field as a standalone project.
“This growth step strengthens Parkmead’s asset base in the centre of the company’s major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea,” said Tom Cross, Parkmead’s executive chairman.
“Parkmead is working intensively to evaluate and execute further value-adding opportunities in its core areas of the UK and Netherlands,” he added.
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