Parkmead takes Farne stake to 100%

UK independent Parkmead has agreed a deal with Verus Petroleum to acquire 50% interest in North Sea License P.2209 containing the Farne Extension prospect and a further four prospective leads. The moves secures 100% interest in the license for Parkmead. 

Licence P.2209 comprises two adjacent blocks, Block 42/19 and Block 42/20b, containing prospects and leads with the potential to hold 175 Bcf of gas initially in place on a most likely, P50 basis, says Parkmead. 

Blocks 42/19 and 42/20b are in the southern gas basin of the UK North Sea, directly to the south east of the Breagh gas field. The most prominent prospect on the block is the Farne Extension, which is a north westerly extension of the Farne prospect mapped in the adjacent block to the east.

To date, four additional leads have been identified at Carboniferous level within the blocks, all of which, like the Farne Extension, are structural closures mapped at Base Permian level. 

Parkmead intends to obtain new high-quality 3D seismic data in order to refine the largest targets on these blocks, and carry out seismic attribute analysis to predict good quality reservoir areas, ahead of drilling decisions. 

Parkmead has a 100% track record of drilling success in the UK southern gas basin to date. The company has drilled two wells in the area, a horizontal appraisal well at Platypus, which flow tested at 27 Mcf/d, and an exploration well at Pharos which discovered a new UK gas field.

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