TIDMPMG
RNS Number : 1357Y
Parkmead Group (The) PLC
07 September 2020
7 September 2020
The Parkmead Group plc
("Parkmead", the "Company" or the "Group")
Parkmead Awarded New UK Offshore Blocks
Parkmead, the independent energy group focused on growth through
gas, oil and renewable energy projects, is pleased to announce it
has been offered four offshore blocks and part blocks spanning
three new licences in the UK 32nd Licensing Round awards.
The first of these provisional licence awards covers Blocks
14/20g & 15/16g (Parkmead 50% and operator) situated in the
Central North Sea, adjacent to Parkmead's extensive Greater Perth
Area ("GPA"). These blocks contain two undeveloped oil discoveries,
Fynn Beauly and Fynn Andrew, as well as an oil prospect in the
Piper Formation.
Fynn Beauly is a very large heavy oil discovery, up-dip from the
Lowlander oil field (Parkmead 100%). The entire discovery extends
across a number of blocks and is estimated to contain oil-in-place
of between 602 and 1343 million barrels. Blocks 14/20g & 15/16g
contain a section of the discovery to the south, with oil-in-place
of between 77 and 202 million barrels. The second discovery, Fynn
Andrew, is wholly contained on the offered blocks and holds 50
million barrels of oil-in-place on a P50 basis.
The proposed work programme includes seismic reprocessing and
technical studies. Parkmead's partner on the offered blocks is
Pharis Energy (50% working interest).
The addition of these blocks to Parkmead's portfolio would add
34.4 million barrels of 2C resources to the Group.
Two further licences have been offered to Parkmead as part of
the 32nd Round. Block 14/20c (Parkmead 100%) is located in the
Central North Sea and contains extensions to the Lowlander oil
field and the Fynn Beauly oil discovery. Block 42/28g (Parkmead
100%) is situated in the Southern North Sea near the Tolmount gas
discovery.
Parkmead will now evaluate the offered awards and how they
complement the Group's significant and growing energy
portfolio.
Tom Cross, Executive Chairman, commented:
"These awards demonstrate the strength of Parkmead's energy
expertise and have the potential to extend the Company's asset base
as we develop into a balanced energy group."
Enquiries:
The Parkmead Group plc +44 (0) 1224 622200
Tom Cross, Executive Chairman
Ryan Strougler, Chief Financial Officer
finnCap Ltd +44 (0)20 7220 0500
NOMAD and Broker
Marc Milmo / Matthew Radley - Corporate
Finance
Andrew Burdis / Tim Harper - ECM
Instinctif Partners Limited (PR Advisers
to Parkmead) +44 (0)20 3405 0205
PR Advisers to Parkmead
Mark Garraway / Sarah Hourahane / Dinara
Shikhametova
Notes to Editors:
1. Nick Allan, Parkmead's Subsurface Manager, a geologist with
over 14 years of experience in the oil and gas industry and a
member of the Petroleum Exploration Society of Great Britain and a
Fellow of the Geological Society, has reviewed and approved the
technical information contained in this announcement.
2. Parkmead is an independent energy group that is listed on AIM
on the London Stock Exchange (symbol: PMG). Parkmead is focused on
growth in the oil and gas upstream and renewable energy sectors,
targeting transactions at both asset and corporate level.
3. In September 2016, Parkmead increased its stake in the Perth
and Dolphin oil fields in the UK Central North Sea to 60.05 per
cent. The Perth and Dolphin fields, which are both operated by
Parkmead, are at the core of Parkmead's major Greater Perth Area
oil hub project.
4. In April 2017, Parkmead almost doubled its stake in the major
Sanda North and Sanda South prospects in the West of Shetland area
of the UK North Sea. Through this accretive step, Parkmead
increased its equity in the licence from 56% to 100%.
5. In January 2018, Parkmead significantly increased its equity
in the Greater Perth Area oil hub project from 60.05% to 100%. The
Group also announced that it had signed an agreement with Nexen
Petroleum, a subsidiary of China National Oil Corporation (CNOOC),
to conduct a detailed engineering study in relation to the
potential subsea tieback of the Greater Perth Area project to the
Scott platform and associated facilities in the UK Central North
Sea.
6. In May 2018, Parkmead was provisionally awarded nine offshore
blocks and part blocks spanning five new licences in the UK 30th
Licensing Round.
7. In August 2019, Parkmead announced expansion into the
renewable energy sector by signing a share purchase agreement to
acquire the entire issued share capital of Pitreadie Farm Limited,
a company owning extensive farmland and sites with significant
renewable energy potential.
8. 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
energy 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 and gas companies.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com
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