Business
Award of Six New Licences in UK 28th Round
Award of Six New Licences in UK 28th Round.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 6828W Parkmead Group (The) PLC 11 November 2014 \n \n\n11 November 2014\n \nThe Parkmead Group plc \n(\"Parkmead\", \"the Company\" or \"the Group\")\n \nSix new licences awarded to Parkmead in UK 28th Licensing Round\n \nParkmead is delighted to announce that it has been provisionally awarded six new licences covering a total of nine offshore blocks in the UK 28th Licensing Round, as announced by the Energy Minister. These newly awarded licences are located in the Central and Southern North Sea areas and will all be operated by Parkmead. Three of the new licences significantly increase Parkmead's asset base around the Company's large Perth Dolphin Lowlander (PDL) oil hub development project. \n \nThese awards, which include new exploration prospects as well as proven discoveries, follow on from Parkmead securing eight new licences covering a total of 30 offshore blocks in the UK 27th Licensing Round awards. The new licence awards take Parkmead's total number of oil and gas blocks across the UK and the Netherlands to 61, with 48 of these being operated by the Group. These new licences complement Parkmead's strong existing asset base of oil and gas production, new exploration prospects and the major PDL oil hub development.\n \nParkmead has also applied for certain licences in the 28th Round within the Southern Gas Basin and West of Shetland region, where the Company already has significant operations. Parkmead notes that the remaining 28th Round awards are expected to be announced at a later date after further assessment of these specific areas by the UK Government.\n \nTom Cross, Executive Chairman, commented:\n \n\"We are delighted with these major new licence awards, which further increase the scale of Parkmead's oil and gas operations in the UK. We are particularly pleased with the awards located close to our large PDL development, as they have the potential to add significant value to the project.\n \nThese awards complete an exceptional year for Parkmead, during which we have substantially increased production and discovered two new gas fields through our highly successful exploration programme.\n \nThe new licences strengthen Parkmead's portfolio of exploration, development and producing assets, which will underpin the Company's continued growth.\"\...