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Parkmead Awarded Five New Blocks Offshore UK
Parkmead Awarded Five New Blocks Offshore UK.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 6474U Parkmead Group (The) PLC 04 December 2013 \n \n\n4 December 2013\n \nThe Parkmead Group plc \n(\"Parkmead\", \"the Company\" or \"the Group\")\n \nParkmead Awarded Five New Blocks Offshore UK\n \nParkmead is delighted to report that it has been provisionally awarded five additional UK blocks, through two new licences, in the second tranche of awards under the UKCS 27th Licensing Round, the results of which have been announced by the Energy Minister. This newly awarded territory is all operated by Parkmead and is situated in the UK Southern North Sea.\nThis award follows on from Parkmead securing six new licences covering a total of 25 offshore blocks in the first tranche of awards under the 27th Licensing Round. These blocks cover opportunities across the Central North Sea, Southern North Sea, West of Scotland and West of Shetland areas. Parkmead's experienced geoscience team has already begun various work programmes across these licences, with seismic and detailed mapping work underway.\nAs a result of the new licence awards, Parkmead's total number of oil and gas blocks across the UK and the Netherlands has increased to 53, with 39 of these operated by the Group. The total award of 30 blocks spanning eight licences in the UK 27th Licensing Round has increased Parkmead's asset base and added to its growing and balanced portfolio. The Company continues to build its presence in the Southern North Sea. Parkmead now holds large acreage positions with a number of exploration prospects indentified in addition to the Platypus gas field and the recent gas discovery at Pharos. \nFive New Blocks in the Southern North Sea\nBlocks 42/20, 42/25b, 43/16 & 43/21c (Parkmead 33.34% and operator) lie to the north of the Ravenspurn fields and are located in close proximity to the Kilmar and Garrow gas fields. These blocks already contain a Carboniferous gas prospect, Farne, as well as a further lead and a gas discovery. The work programme consists of obtaining 2D and 3D seismic data and conducting detailed seismic attribute analysis, leading to a drill or drop decision. The joint venture partners on these blocks are Ithaca Energy Limited and Bridge Energy Limited. \nBlock 43/10 (Parkmead 50% and operator) is situated immediately to the north west of the Cygnus gas field. The block contains plays at...