Oil and gas firm Parkmead said yesterday it had completed a deal for interests in four North Sea gas blocks.
The fast-growing company has taken on 20% stakes in each of the Dana-operated southern North Sea blocks from Sorgenia E&P (UK).
The value of the deal has not been disclosed but includes the Pharos gas prospect, which has the potential to contain up to 500billion cubic feet (bcf) of gas.
It comes after Parkmead made its first acquisition by buying into neighbouring blocks, also owned by Dana, in November.
Chairman Tom Cross said: “We are pleased to have secured stakes in these attractive licence areas, which are in close proximity to our interests in the Platypus gas field and the Possum prospect. These four blocks contain a number of targets, including the large Pharos prospect which we expect to drill later in 2012 or early in 2013, following the next well at Platypus which is due to start drilling in the next few weeks.”