TIDMPMG
RNS Number : 6742U
Parkmead Group (The) PLC
31 July 2015
31 July 2015
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Parkmead wins three new UK oil and gas licences
Parkmead, the UK and Netherlands focused independent oil and gas
group, is delighted to announce that it has been provisionally
awarded three new licences covering three offshore blocks in the UK
28th Licensing Round. These newly awarded licences are part of the
second tranche of 28th Round awards. This latest success follows
Parkmead's award of six licences covering nine offshore blocks in
the first tranche of awards. Two of the new licences are located in
the highly prospective West of Shetland area, and will both be
operated by Parkmead. The third licence is located in the Southern
North Sea, and will be operated by Atlantic Petroleum.
The new licences complete an excellent 28th Round for Parkmead,
with the Company winning a total of nine new oil and gas licences
covering 12 offshore blocks. These licences complement Parkmead's
strong existing asset base of oil and gas production, exploration
prospects, and the major Perth-Dolphin-Lowlander (PDL) oil hub
development.
Tom Cross, Executive Chairman, commented:
"We are delighted with these significant new licence awards,
which further increase the scale of Parkmead's oil and gas
operations in the UK. Both the West of Shetland region and the
Southern Gas Basin are areas we understand well, and both have the
potential to add major value to Parkmead.
These new licences complete an excellent suite of 28th Round
awards for Parkmead, increasing our UK portfolio by a total of 12
offshore blocks.
In addition to this growth through licencing, the Parkmead team
is looking hard at further acquisition opportunities which take
advantage of the low oil price environment."
The following awards have been made to Parkmead and its joint
bidding groups:
West of Shetland
Parkmead has been awarded two new licences adjacent to existing
blocks that are already operated by the Group in the West of
Shetland area.
Block 205/13 (Parkmead 56% and operator) is located immediately
to the east of the Parkmead operated Block 205/12, which contains
the important Davaar prospect. The primary play fairway developed
on this acreage is the Paleocene Vaila Formation which forms the
reservoir in the adjacent Foinaven, Schiehallion and Loyal oil
fields, and also in the Laggan and Tormore gas discoveries. Two
prospects, Sanda North and Sanda South, have been identified in
Block 205/13. Parkmead's partners on this new licence are Atlantic
Petroleum and Dyas.
Block 205/19b (Parkmead 43% and operator) is situated to the
north of Parkmead's existing West of Shetland blocks containing the
large Cretaceous Eddystone prospect. The Cretaceous fairway
provides the reservoir in a number of nearby gas discoveries such
as Victory and Edradour. Biostratigraphic analysis and seismic
interpretation indicate an extension of the Eddystone prospect into
this block. Parkmead's co-venturers on this new licence are
Atlantic Petroleum and Dyas.
Southern North Sea
Parkmead has been awarded another new licence in the Southern
Gas Basin. This is an area where the Company has a deep technical
knowledge of the exploration plays and is building a significant
portfolio of targets. Parkmead has already had significant success
in the Southern Gas Basin with the gas discoveries at Platypus and
Pharos.
Block 48/8b (Parkmead 50%) is located approximately 20km south
east of the Babbage gas field in the Southern North Sea. The
Rotliegend Lower Leman Sandstone is the primary play in this
region, as seen in the offset fields at Ensign, Seven Seas, West
Sole and Babbage. Seven prospects and leads have been identified
with Lower Leman targets, the most significant of which is a
prospect called Selene. Detailed petrophysics, depth conversion and
reservoir studies will be conducted as part of the work programme.
Parkmead's partner on this licence is Atlantic Petroleum, who will
act as the operator.
Enquiries:
The Parkmead Group plc
Tom Cross (Executive Chairman) +44 (0) 1224 622200
Ryan Stroulger (Chief Financial
Officer) +44 (0) 1224 622200
Charles Stanley Securities
(Financial Adviser, NOMAD
and Corporate Broker to Parkmead)
Mark Taylor +44 (0) 20 7149 6000
Karri Vuori +44 (0) 20 7149 6000
James Greenwood +44 (0) 20 7149 6000
Instinctif Partners Limited
(PR Adviser to Parkmead)
David Simonson +44 (0) 20 7457 2020
Anca Spiridon +44 (0) 20 7457 2020
Notes to Editors:
1. Dr Colin Percival, Parkmead's Technical Director, who holds a
First Class Honours Degree in Geology and a Ph.D in Sedimentology
and has over 30 years of experience in the oil and gas industry,
has reviewed and approved the technical information contained in
this announcement.
2. Parkmead is an independent, upstream oil and gas company that
is admitted to trading on AIM on the London Stock Exchange (symbol:
PMG). Parkmead is focused on growth in the oil and gas exploration
and production sector, targeting transactions at both asset and
corporate levels.
3. In November 2011, Parkmead completed the acquisition of
stakes in UK Blocks 48/1a, 47/5b and 48/1c containing the Platypus
gas field and the Possum gas prospect. Mapping indicates the
potential for Platypus and Possum to contain up to 180 and 100
billion cubic feet of gas in place, respectively.
4. In December 2011, Parkmead agreed to acquire stakes in blocks
47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea, which
contained the Pharos gas prospect. These two gas-basin acquisitions
were important steps in the first stage of Parkmead's development
as a new independent energy company.
5. In March 2012, Parkmead agreed to acquire a portfolio of
Netherlands onshore assets comprising four producing gas fields and
two oil fields from Dyas B.V. This acquisition provided the Group
with its first producing fields and with future oil developments at
Ottoland and Papekop. This acquisition completed in August
2012.
6. In May 2012, Parkmead launched its recommended acquisition of
DEO Petroleum plc. As a result, Parkmead now owns 52% and is
operator of the UKCS Perth oil field
7. In October 2012, Parkmead was awarded several new licences
under the UKCS 27(th) Licensing Round. The six new licences
comprise interests in a total of 25 offshore blocks or partial
blocks across the Central North Sea, West of Scotland and West of
Shetland.
8. In July 2013, Parkmead completed its recommended offer for
Lochard Energy Group plc. This gave Parkmead a 10% interest in the
producing Athena oil field.
9. In December 2013, in the second tranche of the UKCS 27(th)
Licensing Round, Parkmead was awarded a further five UK blocks
through two new licences in the UK Southern North Sea. That made a
total award to Parkmead of 30 UK blocks across eight licences
within the UKCS 27(th) Licensing Round.
10. In January 2014, Parkmead completed a successful
oversubscribed placing raising US$66.0 million which provided the
Company with increased financial firepower and balance sheet
strength.
11. In April 2014, Parkmead completed the acquisition of a 20
per cent. interest in the Athena oil field from EWE VERTRIEB GmbH,
trebling Parkmead's interest in the Athena oil field to 30 per
cent.
12. In September 2014, Parkmead discovered a new gas field
onshore the Netherlands at Diever West.
13. In November 2014, Parkmead was awarded six new licences in
the UKCS 28(th) Licensing Round, all as operator. The six new
licences comprise interests in a total of nine offshore blocks
located in the Central and Southern North Sea.
14. In May 2015, Parkmead completed a successful placing raising
US$21.1 million to accelerate opportunities.
15. Through its wholly owned subsidiary, Aupec Limited, The
Parkmead Group provides petroleum benchmarking and economics
expertise to a wide range of government bodies and international
oil and gas companies. Aupec has to date worked with over 100
governments, national oil companies, majors and independents,
across the world, as well as a number of multi-national agencies
such as the European Commission and the World Bank. Aupec is
currently undertaking an important benchmarking project for a group
of the world's largest super-major oil companies.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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