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Parkmead awarded six more licences in North Sea

Parkmead awarded six more licences in North Sea

Oil explorer Parkmead Group (LON:PMG) has secured six new licences covering a total of nine blocks in the North Sea.

Three of the new licences boost the firm’s asset base around its Perth Dolphin Lowlander (PDL) oil hub development project, which include stakes in five blocks.

Parkmead also picked up two blocks in the central North Sea area and a new licence in the Southern Gas Basin, an area where the firm says it is building a “significant portfolio”.

Executive chairman Tom Cross said the business has applied for additional licences West of Shetland, but was delighted with the awards especially those close to its PDL development.

Broker Westhouse Securities said it was positive news for the rapidly expanding group.

Last year the firm secured eight new licences covering a total of 30 offshore blocks. 

The additional licences take Parkmead's total number of oil and gas blocks across the UK and the Netherlands to 61, with 48 of these being operated by the group.

The remaining licences in the 28th round awards are expected to be announced after further assessment by the UK government.

Westhouse has a 400p target price and ‘buy’ recommendation.

Shares today were 162.2p.

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