Fast growing oil and gas firm Parkmead Group has announced its second acquisition in just over a month after snapping up interest in four North Sea blocks.
Parkmead, based in Aberdeen and run by former Dana Petroleum boss Tom Cross, has agreed to buy a 20% stake in each of the southern North Sea blocks off Sorgenia E&P (UK).
They include the 47/10-8 gas discovery as well as the large Pharos gas prospect, to be drilled in the second half of 2012, and several “significant” additional exploration targets.
Parkmead said Pharos alone had the potential to contain up to 500 billion cubic feet of gas in place.
The firm said the deal, subject to regulatory approvals, would enhance another acquisition made last month.
It made its first step to becoming an independent oil and gas company in November when it bought into the Dana-operated Platypus gas field and the Possum gas prospect, both nearby in the southern gas basin.
Parkmead said: “A discovery at Pharos could be jointly developed with the Platypus field, which is only some 8.6miles to the north east of Pharos, and this would significantly increase the economic value of all three accumulations at Platypus, Possum and Pharos.”
Mr Cross, Parkmead’s executive chairman, said: “We are delighted to be gaining 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, following the next well being drilled at Platypus in the first quarter of 2012.”
Parkmead said the move “further highlightsstrategy” of investing in fields and blocks the group has working knowledge of.
The four blocks, 47/4d, 47/5d, 47/10c and 48/6c, are between the producing Amethyst, Ravenspurn, West Sole and Hyde Fields and are adjacent to Blocks 48/1a, 47/5b and 48/1c containing the Platypus field and the Possum prospect.
Both Platypus and Possum are structural traps containing a Rotliegendes age reservoir, the dominant gas producing horizon in the southern North Sea.
The Pharos prospect is also a structural trap with the same Rotliegendes reservoir.
Parkmead said it was a large closure with a vertical relief of up to 600 ft, and an areal extent of up to 6,000 acres.
The planned 2012 exploration well will be drilled in Block 47/5d, towards the boundary with 47/4d, on the north western end of the Pharos Structure.
Dana Petroleum, operator, holds a 50% stake and the joint venture group plans to drill the Pharos well in the second half of 2012.
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