Parkmead Group (AIM:PMG) is launching a new two-well drill programme offshore the Netherlands, targeting gas prospects that can be fast-tracked into production.
The company, in a statement, said that the rig for the drill programme has now been mobilised.
“We are delighted to announce that rig mobilisation is underway, and drilling of our LDS prospects will commence shortly,” said executive chair Tom Cross.
“Success at these wells aims to underpin Parkmead's existing production from the Diever well site, which has proven to be one of the most prolific onshore producing fields in recent times.”
It is expected that first results will come by the end of 2022, with the findings of the second well coming in the first quarter of 2023.
Success will allow for fast-track development to production, which would deliver significant additional reserves and revenue, Parkmead highlighted.
Cross added: “Our Dutch assets remain a key focus for Parkmead as we aim to continue building on the tremendous success in the region.
“Our company maintains a 100% unhedged strategy therefore benefitting, to the maximum, from the sustained buoyant gas prices."