REG - Parkmead Group (The) - Provisional Award of Three New UK Offshore Blocks

ParkmeadAnnouncement

05/02/2024 07:00

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RNS Number : 9287B  Parkmead Group (The) PLC  05 February 2024

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:

 

 The Parkmead Group plc                                                  +44 (0) 1224 622200
 Tom Cross (Executive
 Chairman)
 Andrew Smith (Executive Director - Business Development)

 Cavendish Capital Markets Ltd (NOMAD and Broker to Parkmead)            +44 (0)20 7220 0500

 Marc Milmo / Seamus Fricker- Corporate Finance

 Leif Powis - Sales

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 (http://www.parkmeadgroup.com)

 

 

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