Business
Parkmead increases stake in major oil project
Parkmead increases stake in major oil project.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 1472E Parkmead Group (The) PLC 07 February 2018 \n\n7 February 2018\n \nThe Parkmead Group plc \n(\"Parkmead\", \"the Company\" or \"the Group\")\n \nParkmead increases stake in Perth and Dolphin oil fields to 100% and signs agreement with Nexen Petroleum to study potential tie-back \n \nParkmead, the UK and Netherlands-focused independent energy group, is delighted to announce it has significantly increased its equity in the Perth and Dolphin oil fields in the UK Central North Sea. The Perth and Dolphin fields lie at the core of Parkmead's Greater Perth Area (\"GPA\") oil hub project. The Group has increased its equity in these licences from 60.05% to 100%.\n \nThe Company has also signed an agreement with Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation (CNOOC), to conduct a detailed engineering study in relation to the potential subsea tie-back of the Greater Perth Area project to the Nexen operated Scott platform and associated facilities in the UK Central North Sea. The Scott facilities lie just some 10km southeast of Parkmead's GPA project.\n \nIn addition, Parkmead has commissioned a new reservoir study with AGR Tracs International in relation to well stimulation, which could lead to increasing oil flow rates and oil reserves recovery from the two fields by analysing the effect of fracture stimulation on the reservoir.\n \nHIGHLIGHTS \n \n· GPA is one of the largest undeveloped oil projects in the North Sea\n· Increased equity in the Perth and Dolphin fields raises Parkmead's 2P reserves by 63% from 28.4 to 46.3 million barrels of oil equivalent (\"MMBoe\")\n· Parkmead now in full control of the GPA oil hub project with operatorship and 100% equity \n· Agreement signed with Nexen Petroleum, a subsidiary of CNOOC Ltd, to undertake a detailed engineering study for the potential subsea tie-back of the GPA project to the Nexen operated Scott facilities in the Central North Sea\n· Nexen's Scott facilities lie approximately 10km southeast of Parkmead's GPA project \n· Subsea tie-back has the potential to transform the GPA project, commercially and economically, in addition to dramatica...