REG - Parkmead Group (The) - Update on Skerryvore

ParkmeadAnnouncement

15/09/2022 07:00

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RNS Number : 5143Z  Parkmead Group (The) PLC  15 September 2022

15 September 2022

 

The Parkmead Group plc

("Parkmead"or the "Company")

Approval of planned well at Skerryvore and increased stake in the project to
50%

Parkmead, the independent energy group, is pleased to provide an update to
developments on the Skerryvore project in the UK Central North Sea.

Following consultation with its joint venture partners in Licence P.2400
(which encompasses the Skerryvore propsects) and having received approvals
from the regulatory authorities, the Company is pleased to announce that it
has reached agreement to increase its stake in the Skerryvore project from 30%
to 50%. Parkmead will continue as Operator on the licence, which is testament
to the efforts and capability of the Parkmead team. Skerryvore will be
Parkmead's first operated exploration well. Parkmead's joint venture partners
in the licence going forward will be Serica Energy (UK) Limited (20%) and
CalEnergy (Gas) Limited (30%).

In addition, Parkmead is pleased to announce that it has received approval
from the North Sea Transition Authority (NSTA) to enter the next phase of this
licence with agreement to drill the high-impact Skerryvore prospects. The
Company's geotechnical work programme has confirmed the considerable
multi-interval potential of Skerryvore. The planned well will target the main
stacked exploration prospects, at Mey and Chalk level, which studies indicate
could contain 157 million barrels of oil equivalent ("MMBoe") in the P50, most
likely case. The licence also contains additional prospectivity at the Ekofisk
and Jurassic levels. A successful discovery could be tied into existing and
planned infrastructure in the vicinity.

The area around Skerryvore is currently seeing important activity on several
fronts, with Harbour Energy having reached an investment decision on the
adjacent Talbot discovery and NEO Energy continuing with the redevelopment of
Affleck. Development activity is also taking place in the Norwegian sector in
close proximity to Skerryvore at Tommeliten A, a licence operated by
ConocoPhillips.

Tom Cross, Executive Chairman, commented:

"Parkmead's technical team has made significant progress on the licences held
by the Company and the decision to proceed with drilling the Skerryvore
prospects is a major milestone. Parkmead will continue to evaluate the
exploration potential of other licences it holds. We are seeing renewed UK
government interest in the North Sea, as it seeks to bolster energy security,
and we are excited by the opportunities that exist within our assets in this
prolific region.

Increasing our stake in Skerryvore comes on the back of delivering record gas
revenues this year in the Netherlands.

We will continue to focus on building a portfolio of high-quality energy
projects through acquisitions, organic growth and the active management of our
assets across all energy sectors."

 

Enquiries:

 

 The Parkmead Group plc                           +44 (0) 1224 622200
 Tom Cross (Executive Chairman)
 Ryan Stroulger (Chief Financial Officer)

 finnCap Ltd  (NOMAD and Broker to Parkmead)      +44 (0) 20 7220 0500
 Marc Milmo / Seamus Fricker - Corporate Finance
 Andrew Burdis / Barney Hayward - ECM

 

 

About Parkmead

 

The Parkmead Group is an independent, UK and Netherlands focused energy
business. Its shares are listed on the AIM market of the London Stock Exchange
(AIM: PMG). Parkmead currently produces natural gas from a portfolio of four
gas fields across the Netherlands and the Group holds a balanced portfolio of
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 directly to the UK grid, as part of the Company's
developing renewable energy portfolio.

 

For further information please refer to Parkmead's website at
www.parkmeadgroup.com

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU No.
596/2014) which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

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