Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Parkmead doubles stake in two North Sea fields

The Polecat and Marten fields are approximately 20km east of the Buzzard field and close to Parkmead's large Perth-Dolphin-Lowlander (PDL) hub project in the Moray Firth.
picture of sun over North Sea
Parkmead is making a big commitment to the North Sea

UK oil group Parkmead (LON:PMG) has doubled its stake in the Polecat and Marten oil fields in the UK Central North Sea.

Parkmead now owns 100% of Licence P2218, which the blocks sit in, having acquired an initial  50% interest in the UK 28th Licensing Round.

The Polecat and Marten fields are approximately 20km east of the Buzzard field and close to Parkmead's large Perth-Dolphin-Lowlander (PDL) hub project in the Moray Firth.

Tom Cross, Parkmead’s executive chairman, said as well as increasing its contingent oil and gas resources by some 39% the larger stakes in Polecat and Marten can be highly valuable to the PDL project.

The fields are estimated to hold over 90mln barrels of oil in place and over 33 mln barrels of contingent resources.

Elsewhere, Parkmead reported that the Diever West gas field, onshore in the Netherlands, continues to perform above expectations. Gross production in July averaged 34mln cubic feet per day (approximately 5,850 barrels of oil equivalent).

Parkmead has also identified ways to improve performance further in the Netherlands through a low-cost in-fill well at Geesbrug, a sidetrack at Wijk en Aalburg and workovers at Brakel and Grolloo.


View full PMG profile View Profile

Parkmead Group Timeline

Related Articles

onshore oil field
September 20 2018
Eland, along with its project partner, produced almost 1mln barrels of oil from the OML 40 licence in the first six months of the year, a significant year-on-year rise
offshore oil rig
May 08 2018
Life has been tough in the oil sector in recent years, but things started to pick up towards the end of 2017
oil and gas operations
July 09 2018
Greka highlighted improved revenues which boosted gross profit despite the challenges experienced in India and China through 2017.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use