Parkmead Doubles its Stake in Polecat, Marten Oil Fields
Parkmead, the UK and Netherlands focused independent oil and gas group, has doubled its stake in the Polecat and Marten oil fields in the UK Central North Sea.
Located in Blocks 20/3c & 20/4a, the Polecat and Marten fields sit within Licence P.2218. Parkmead has acquired a further 50 percent interest in the license and now operates the asset with 100 percent equity. Parkmead initially secured its first 50 percent interest in these blocks as part of the UK 28th Licensing Round awards, where the company won a total of nine new oil and gas licenses covering 12 offshore blocks.
Polecat and Marten are jointly estimated to hold over 90 million barrels of oil in place and over 33 million barrels of contingent resources. Through this acquisition, Parkmead has increased the group’s total contingent resources by 39 percent, from 42.5 to 59.1 million barrels of oil equivalent.
“We are delighted to have doubled our stake in these two oil fields, which significantly increases Parkmead’s contingent oil and gas resources by some 39%,” 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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