Business
Commencement of drilling
Commencement of drilling.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 6706O Parkmead Group (The) PLC 15 October 2012 \n \n\n15th October 2012\n \nThe Parkmead Group plc\n(\"Parkmead\", \"the Company\" or \"the Group\")\n \nSpaniards East Well Begins Drilling in UK Central North Sea\n \nParkmead, the independent oil and gas company, is pleased to announce that the Spaniards East exploration well has commenced drilling, using the Will Phoenix semi-submersible drilling rig. The Spaniards East prospect is located on Block 15/21a, east of the Spaniards oil discovery and close to the producing Scott oil field and the Parkmead operated Perth oil development in the Central North Sea. \n \nThe Spaniards oil discovery was made in 1989 by well 15/21a-38z, which flowed at a rate of 2,660 barrels of oil per day on test. The Spaniards East well, which is targeting Upper Jurassic reservoirs, is expected to take around 40 days to drill and is aiming to test the down-dip oil reserves potential some 1.2 kilometres to the east of the Spaniards discovery well. It is not planned to test the well.\n \nThe drilling operations are being undertaken by Premier Oil on behalf of the joint venture group. The other joint venture partners are Serica Energy, Cairn Energy, Faroe Petroleum, Maersk Oil and Atlantic Petroleum. Parkmead has a free-carried interest of 12.624 per cent. in the Spaniards East well and therefore Parkmead will not be required to make any cash contribution to the dry-hole cost of this well.\n \nTom Cross, Executive Chairman of Parkmead, commented, \n \n\"Parkmead is growing strongly. Spaniards East is our first exploration well offshore UK and hence is another important milestone in the Company's development. \n \nThis follows a highly successful summer where we have secured first production for the Group, in the Netherlands, and also expanded on the UKCS through the acquisition of DEO Petroleum plc, boosting both our oil and gas reserves. \n \nIn addition, we recently completed a successful horizontal well to appraise the Platypus gas field. Therefore, in a short time, Parkmead has established a balanced portfolio of exploration, development and producing assets, which will ensure future growth.\" \n \nFor enquiries please contact:\n \n\n\n\n\nThe Parkmead Group plc\n\n\n01224 622200\n\n\n\n\nTom Cross, Executi...