5 February 2024
The Parkmead Group plc
("Parkmead", the "Group" or the
"Company")
Provisional Award of Three Significant New UK Offshore
Blocks
Parkmead, the independent energy
group, is pleased to announce it has been provisionally awarded
three new offshore blocks by the North Sea Transition Authority
("NSTA") in Tranche 2 of the UK's 33rd Licensing Round
awards.
This important award consists of a
licence covering Blocks 14/15a, 14/20d and 15/11a situated in the
Central North Sea. Parkmead will be operator and hold a 50%
working interest, alongside its partner Orcadian Energy (CNS)
Limited. The new licence contains seven undeveloped oil
discoveries within Mesozoic and Palaeozoic reservoirs. The most
substantial of these is Fynn Beauly.
Fynn Beauly is one of the largest
undeveloped oil accumulations in the UK, with estimated gross P50
contingent resources of 292 million barrels. This large heavy oil
discovery is situated between the prolific Claymore and Piper
fields. The field extends across all three awarded blocks and is
estimated to contain oil-in-place of between 740 and 1,330 million
barrels. This is an important award because the acreage which
encapsulates this significant oil field has not previously been
licensed to a single partner group, creating an exciting
opportunity for Parkmead and Orcadian to advance the development of
this substantial, previously untapped resource.
The current licence commitment
requires no major capital outlay. The work programme is
focused on assessing the feasibility of reducing Fynn Beauly oil
viscosity using enhanced oil recovery techniques. This work will
include assessing the potential to utilise geothermal energy as
part of the recovery mechanism to avoid the need for injected hot
water. This would allow for the delivery of a successful
development of this major field which is in line with the NSTA's
Net Zero Strategy.
Tom
Cross, Executive Chairman, commented:
"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 UKCS."
Enquiries:
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The
Parkmead Group plc
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+44 (0) 1224 622200
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Tom Cross (Executive
Chairman)
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Andrew Smith (Executive Director -
Business Development)
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Cavendish Capital Markets Ltd (NOMAD and Broker to
Parkmead)
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+44 (0)20 7220 0500
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Marc Milmo / Seamus Fricker-
Corporate
Finance
Leif Powis - Sales
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The Group's Nominated Adviser and Broker, finnCap Ltd, has now
changed its name to Cavendish
Capital Markets Ltd following completion of its own corporate
merger.
About Parkmead
The Parkmead Group is a UK and
Netherlands focused independent energy group listed on AIM of
the
London Stock Exchange (AIM: PMG).
The Group produces natural gas from a portfolio of four fields
across the Netherlands and holds significant additional oil and gas
interests across the UK and Dutch sectors. Parkmead also 100% owns
and operates the Kempstone Hill wind energy company, producing
electricity direct to the UK grid. This is in addition to a range
of complementary renewable energy opportunities throughout the
Group.
For further information please refer
to Parkmead's website at www.parkmeadgroup.com