Parkmead increases North Sea stakes

ABERDEEN, September 14, 2016 – Parkmead increased its share in the Perth and Dolphin oilfields to 60.05%, the UK-based upstream company announced today.

The two oilfields, operated by Parkmead, are located across blocks 15/21a, 15/21b, 15/21c and 15/21f and 14/25a, found in licences P.218, P.588 and P.2154 in the UK’s Central North Sea. The area, known as Moray Firth, is home to oilfields such as Claymore, Piper and Tartan.

Perth and Dolphin are the core of the company’s Perth-Dolphin-Lowlander project. The three fields, in which 13 wells have been drilled already, are thought to contain up to 400 million barrels of oil in place. Perth and Dolphin have tested 32-38 API oil at production rates of up to 6,000 bopd. Parkmead plans to develop the three fields together. The company’s co-venturers are Faroe Petroleum and Atlantic Petroleum.

As a result of this transaction, Parkmead’s total 2P reserves increased 19%, from 23.5 million boe to 27.9 million boe. The acquisition follows Parkmead’s purchase of an additional 50% stake in the neighbouring Polecat and Marten fields in August.