Parkmead awarded three offshore oil blocks in UK North Sea

Mon, 05th Feb 2024 11:51

(Alliance News) - Parkmead Group PLC on Monday said it has received three new offshore blocks from the North Sea Transition Authority in the latest licensing round.

The Netherlands and UK-focused gas explorer said the licence covers blocks 14/15a, 14/20d, 15/11a, which are located in Central North Sea.

Parkmead will operate the licences and hold a 50% working interest in them, alongside its partner, Orcadian Energy PLC.

The new licence contains seven undeveloped oil discoveries, Parmead said, within mesozoic and palaeozoic reservoirs. The most substantial of these is Fynn Beauly, with an estimated gross P50 contingent resources of 292 million barrels.

Chair Tom Cross said: "This award demonstrates further success in Parkmead's strategy to identify value enhancing opportunities through lower risk developments, which are aligned with the NSTA's Net Zero strategy. It also reaffirms Parkmead's status as a responsible and capable operator on the UK [Continental Shelf]."

Shares in Parkmead were down 2.4% to 16.35 pence each in London on Monday morning.

By Sabrina Penty, Alliance News reporter

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