Parkmead Group (AIM:PMG) has launched a farm-out process for its Greater Perth Area (GPA) project in the Central North Sea.
The Aberdeen-based company has hired finance advisory firm Gneiss Energy to assist in finding a suitable partner for its wholly-owned GPA development project.
GPA holds approximately 55mln barrels of recoverable oil equivalent (MMBoe), with the wider GPA project thought to contain between 75 and 130 MMBoe.
Parkmead said there is no need for further appraisal drilling at the project, and highlighted that the constituent fields have been flow tested at up to 6,000 barrels of oil per day.
Scott, a project about 6 miles south of the GPA, is meanwhile being considered for a tie-back, and Parkmead noted "recent dialogue on commercial terms" with the field partners.
To maximise oil production from the GPA, discussions are also ongoing with leading supply chain companies, it added.
Shares of the company were trading up 2.85% at 66.85p.