Parkmead bags three UKCS licences

Parkmead, the UK and Netherlands focused independent oil and gas group, has been provisionally awarded three new licences covering three offshore blocks in the UK 28th Licensing Round. 

These newly awarded licences are part of the second tranche of 28th Round awards. This latest award follows Parkmead’s award of six licences covering nine offshore blocks in the first tranche of awards. Two of the new licences are located in the West of Shetland area, and will both be operated by Parkmead. The third licence is located in the Southern North Sea, and will be operated by Atlantic Petroleum.

In the 28th Round, the company won a total of nine new oil and gas licences covering 12 offshore blocks. The company said that these licences complement its strong existing asset base of oil and gas production, exploration prospects, and the major Perth-Dolphin-Lowlander (PDL) oil hub development.

Tom Cross, Executive Chairman, commented: “We are delighted with these significant new licence awards, which further increase the scale of Parkmead’s oil and gas operations in the UK. Both the West of Shetland region and the Southern Gas Basin are areas we understand well, and both have the potential to add major value to Parkmead.

“These new licences complete an excellent suite of 28th Round awards for Parkmead, increasing our UK portfolio by a total of 12 offshore blocks.

“In addition to this growth through licencing, the Parkmead team is looking hard at further acquisition opportunities which take advantage of the low oil price environment.”

The following awards have been made to Parkmead and its joint bidding groups:

West of Shetland

Parkmead has been awarded two new licences adjacent to existing blocks that are already operated by the Group in the West of Shetland area.

Block 205/13 (Parkmead 56% and operator) is located immediately to the east of the Parkmead operated Block 205/12, which contains the important Davaar prospect. The primary play fairway developed on this acreage is the Paleocene Vaila Formation which forms the reservoir in the adjacent Foinaven, Schiehallion and Loyal oil fields, and also in the Laggan and Tormore gas discoveries. Two prospects, Sanda North and Sanda South, have been identified in Block 205/13. Parkmead’s partners on this new licence are Atlantic Petroleum and Dyas.

Block 205/19b (Parkmead 43% and operator) is situated to the north of Parkmead’s existing West of Shetland blocks containing the large Cretaceous Eddystone prospect. The Cretaceous fairway provides the reservoir in a number of nearby gas discoveries such as Victory and Edradour. Biostratigraphic analysis and seismic interpretation indicate an extension of the Eddystone prospect into this block. Parkmead’s co-venturers on this new licence are Atlantic Petroleum and Dyas.

Southern North Sea

Parkmead has been awarded another new licence in the Southern Gas Basin.According to Parkmead, it has already has success in the Southern Gas Basin with the gas discoveries at Platypus and Pharos.

Block 48/8b (Parkmead 50%) is located approximately 20km south east of the Babbage gas field in the Southern North Sea. The Rotliegend Lower Leman Sandstone is the primary play in this region, as seen in the offset fields at Ensign, Seven Seas, West Sole and Babbage. Seven prospects and leads have been identified with Lower Leman targets, the most significant of which is a prospect called Selene. Detailed petrophysics, depth conversion and reservoir studies will be conducted as part of the work programme. Parkmead’s partner on this licence is Atlantic Petroleum, who will act as the operator.

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