Business
Update on Skerryvore
Update on Skerryvore.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \n \n 15 September 2022\n \n \n \n \n \n The Parkmead Group plc\n \n \n (\"Parkmead\"or the \"Company\")\n \n \n \n \n \n \n Approval of planned well at Skerryvore and increased stake in the project to 50%\n \n \n \n \n \n \n Parkmead, the independent energy group, is pleased to provide an update to developments on the Skerryvore project in the UK Central North Sea.\n \n \n \n \n \n Following consultation with its joint venture partners in Licence P.2400 (which encompasses the Skerryvore propsects) and having received approvals from the regulatory authorities, the Company is pleased to announce that it has reached agreement to increase its stake in the Skerryvore project from 30% to 50%. Parkmead will continue as Operator on the licence, which is testament to the efforts and capability of the Parkmead team. Skerryvore will be Parkmead's first operated exploration well. Parkmead's joint venture partners in the licence going forward will be Serica Energy (UK) Limited (20%) and CalEnergy (Gas) Limited (30%).\n \n \n \n \n \n In addition, Parkmead is pleased to announce that it has received approval from the North Sea Transition Authority (NSTA) to enter the next phase of this licence with agreement to drill the high-impact Skerryvore prospects. The Company's geotechnical work programme has confirmed the considerable multi-interval potential of Skerryvore. The planned well will target the main stacked exploration prospects, at Mey and Chalk level, which studies indicate could contain 157 million barrels of oil equivalent (\"MMBoe\") in the P50, most likely case. The licence also contains additional prospectivity at the Ekofisk and Jurassic levels. A successful discovery could be tied into existing and planned infrastructure in the vicinity.\n \n \n \n \n \n The area around Skerryvore is currently seeing important activity on several fronts, with Harbour Energy having reached an investment decision on the adjacent Talbot discovery and NEO Energy continuing with the redevelopment of Affleck. Development activity is also taking place in the Norwegian sector in close proximity to Skerryvore at Tommeliten A, a licence operated by ConocoPhillips.\n \n \n \n \n \n \n Tom Cross, Executive Chairman, commented:\n \n \n \n \n \"Parkmead's technical team has made significant progress on the licences held by the Company and the decision...