Parkmead, a UK and Netherlands-focused o&g company, has completed an acquisition of a 50 percent interest in the UK North Sea license P.2209 from Verus Petroleum.
To remind, Parkmead signed a sale and purchase agreement with Verus Petroleum to acquire the interest in the license back in May.
License P.2209 comprises of two adjacent blocks, Block 42/19 and Block 42/20b, and contains the Farne Extension prospect and a further four prospective leads.
Parkmead said on Wednesday that, as a result of the transaction, it was now the 100 percent owner of the license.
“The collection of prospects and leads within the license, which is operated by Parkmead, have the potential to contain 175 billion cubic feet of gas initially in place on a most likely, P50 basis,” the company added.
Blocks 42/19 and 42/20b are situated in the Southern Gas Basin of the UK North Sea, directly to the south east of the Breagh gas field.
The primary play fairway developed on this acreage includes the Carboniferous sands, which form the productive reservoirs in the nearby gas fields at Breagh, Kilmar, and Cavendish.
The most prominent prospect on the block is the Farne Extension, which is a north westerly extension of the Farne prospect mapped in the adjacent block to the east.
To date, four additional leads have been identified at a Carboniferous level within the blocks, all of which, like the Farne Extension, are structural closures mapped at Base Permian level.
Tom Cross, executive chairman of Parkmead, said: “We are delighted to double our stake in this attractive area, which expands Parkmead’s portfolio in the Southern Gas Basin.
“Our technical and commercial teams at Parkmead are working hard to evaluate and execute further value-adding opportunities in our core areas of the UK and Netherlands.”