Business
New Field Discovered At Pharos
New Field Discovered At Pharos.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 4223T Parkmead Group (The) PLC 19 November 2013 \n \n\n19 November 2013\n \nThe Parkmead Group plc \n(\"Parkmead\", \"the Company\" or \"the Group\")\n \nParkmead discovers new gas field with Pharos Exploration Well\n \nParkmead is pleased to announce that a new gas field has been discovered in the UK Southern North Sea by the Pharos exploration well.\n \nThe 47/5d-6 well, targeting the Pharos Prospect, was drilled on behalf of the co-venturers by Dana Petroleum using the Noble Lynda Bossler drilling rig. Gas was discovered in a Rotliegendes age sandstone reservoir. Extensive downhole data was gathered, including wireline logs, gas samples, reservoir pressures and substantial coring of the reservoir. Detailed evaluation of the discovery will be undertaken in order to determine the volume of gas initially in place (GIIP). \n \nThe discovery at Pharos is potentially valuable to Parkmead because, depending on the volume of gas in place, it could be jointly developed with the Platypus gas field, which is situated only 14km from the Pharos location. This would increase the value of the already economic development at Platypus. The Platypus gas field was discovered in 2010 and it was successfully appraised by Parkmead and its co-venturers with a horizontal well in 2012. Platypus was flow tested at a rate of 27 million cubic feet of gas per day (approximately 4,600 barrels of oil per day on an equivalent basis). \n \nData obtained from the Pharos gas discovery will, when fully analysed, also provide a greater understanding of the remaining prospectivity in this area. This includes the Blackadder gas prospect in the adjacent block to the south of Pharos. \n \nParkmead holds a 20% working interest in the new discovery at Pharos. The other joint venture partners are Dana Petroleum (operator), Dyas Exploration UK Limited, MPX North Sea Limited and Hansa Hydrocarbons Limited. \n \n \nTom Cross, Executive Chairman of Parkmead, commented:\n \n\"We are delighted to report that a discovery has been made at Pharos. This success could add significant further value to the Platypus gas field, strengthening Parkmead's position in the UK Southern Gas Basin.\" \n \nThe Pharos discovery completes an excellent year of progress for Parkmead.\"\n \n \nEnquiries:\...