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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.

 

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AIM:PMG
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