Parkmead Group Plc is doubling its stake in key gas areas within the Southern Gas Basin of the U.K. North Sea, the company said May 10.
Parkmead said it signed an agreement with Verus Petroleum (SNS) Ltd. to acquire a 50% interest in U.K. North Sea License P.2209 in addition to the 50% interest the company currently owns and operates. The value of the transaction wasn't disclosed.
License P.2209 comprises two adjacent blocks, Block 42/19 and Block 42/20b, and contains the Farne Extension prospect and a further four prospective leads. The collection of prospects and leads within the license have the potential to contain 175 billion cubic feet (Bcf) of gas initially in place on a most likely, P50 basis, the release said.
Parkmead said its geoscience team intends to obtain new high-quality 3-D seismic data in order to refine the largest targets on these blocks and carry out seismic attribute analysis to predict good quality reservoir areas. The new data will be analyzed to de-risk the targets ahead of drilling decisions, according to the company release.
Parkmead has drilled two wells in the U.K. Southern Gas Basin to date, including a horizontal appraisal well at Platypus which flow tested at 27 MMcf/d, and an exploration well at Pharos which discovered a new U.K. gas field.