Parkmead strengthens position in gas-prospective North Sea region

Offshore staff

ABERDEEN, UK –Parkmead has agreed to acquire a 50% stake from Verus Petroleum in UK southern North Sea license P.2209, giving it full ownership of the concession.

The license, which covers adjacent blocks 42/19 and 42/20b, contains the Farne Extension gas prospect and four prospective leads with combined potential for 175 bcf in place. Completion of the deal remains subject to regulatory approvals.

The blocks are directly southeast of the INEOS-operated Breagh gas field. According toParkmead, the main developed play fairway is the Carboniferous sands, which form the productive reservoirs in the nearby Breagh, Kilmar, and Cavendish fields.

Farne Extension is a northwest continuation of the Farne prospect mapped in the adjacent block to the east. This and the four leads, are structural closures mapped at Base Permian level.

The Carboniferous contains fluvial channel sandstones that supply the reservoir intervals in the area of the two blocks, where clean quartzitic units form the main productive horizons and can contain large volumes of gas.

There are high-quality geological seals exist within the area in the form of mudstones of the overlying Silverpit formation and evaporites of the Zechstein Supergroup.

Parkmead intends to obtain new 3D seismic data to refine the largest targets and perform out-seismic attribute analysis to predict good quality reservoir areas, ahead of drilling decisions.

Both the company’s exploratory wells to date in the area have led to commercial gas finds at the Platypus and Pharos prospects.

5/10/2017