Parkmead announced that it has completed the previously announced acquisition of a 50% interest in the UK North Sea Licence P.2209 from Verus Petroleum (SNS), which contains the Farne Extension prospect and a further four prospective leads.
Licence P.2209 comprises two adjacent blocks, Block 42/19 and Block 42/20b. Parkmead originally held a 50% interest in the licence and therefore this acquisition doubles Parkmead's equity to 100%.
The collection of prospects and leads within the licence, which is operated by Parkmead, have the potential to contain 175 billion cubic feet of gas initially in place on a most likely, P50 basis.
Blocks 42/19 and 42/20b are situated in the Southern Gas Basin of the UK North Sea, directly to the south east of the Breagh gas field. The primary play fairway developed on this acreage includes the Carboniferous sands, which form the productive reservoirs in the nearby gas fields at Breagh, Kilmar and Cavendish.
The most prominent prospect on the block is the Farne Extension, which is a north westerly extension of the Farne prospect mapped in the adjacent block to the east. To date, four additional leads have been indentified at Carboniferous level within the blocks, all of which, like the Farne Extension, are structural closures mapped at Base Permian level.
Tom Cross, Executive Chairman, commented: "We are delighted to double our stake in this attractive area, which expands Parkmead's portfolio in the Southern Gas Basin.
“Parkmead has a 100% track record of drilling success in the UK Southern Gas Basin to date, with successful wells drilled at Platypus and Pharos.
“Our technical and commercial teams at Parkmead are working hard to evaluate and execute further value-adding opportunities in our core areas of the UK and Netherlands."