UK independent Parkmead has increased its stake in its operated Perth and Dolphin oil fields in the Moray Firth area of the UK central North Sea.
Perth and Dolphin are central to Parkmead's Perth-Dolphin-Lowlander (PDL) oil hub project, which it says is one of the largest undeveloped oil projects in the North Sea.
Parkmead recently acquired 50% in the nearby Polecat and Marten fields, which it says could be jointly developed as part of a Greater PDL Area project.
The firm hasn't said who it's acquired the additional stake off, what percentage in the fields it equates to or how much the deal is for.
It simply says the move increases its total stake in Blocks 15/21a, b, c and f & 14/25a in Licenses P.218, P.588 and P.2154, which contain the two fields, to 60.05% and its 2P proved and probable reserves to from 23.5 to 27.9 MMboe.
Parkmead says Perth and Dolphin are two sizeable Upper Jurassic Claymore sandstone accumulations that have tested 32-38o API oil at production rates of up to 6000 b/d per well.
Some 13 wells have been drilled on PDL, which is estimated to contain more than 400 MMbbl oil in place, with 80 MMbbl recoverable from the PDL oil hub development.
Tom Cross, Parkmead's Executive Chairman, said: “This growth step strengthens Parkmead’s asset base in the centre of the Company’s major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea.
"Parkmead is working intensively to evaluate and execute further value-adding opportunities in its core areas of the UK and Netherlands.”