Aberdeen-based firm Parkmead Group has completed a deal to buy Verus Petroleum out of a North Sea licence.
The acquisition raises Parkmead’s interest in licence P2209 from 50% to 100%.
The asset contains the Farne extension prospect and a further four potential leads, which could contain 175billion cubic feet of gas in total.
The licence area includes two blocks situated directly south-east of the Breagh gas field.
Parkmead initially revealed that a deal had been struck with Verus in May.
Parkmead executive chairman Tom Cross said: “We are delighted to double our stake in this attractive area, which expands Parkmead’s portfolio in the Southern Gas Basin.
“Parkmead has a 100% track record of drilling success in the UK Southern Gas Basin to date, with successful wells drilled at Platypus and Pharos.
“Our technical and commercial teams at Parkmead are working hard to evaluate and execute further value-adding opportunities in our core areas of the UK and Netherlands.”
Parkmead shares were up 6.41% to 41.5p at 3pm on the London Stock Exchange.
Parkmead has been active on the North Sea mergers and acquisitions market in recent times.
Last September, the company said it had increased its share of the Perth and Dolphin fields to 60.05%, from 52.03% previously, having already doubled its stakes in the Polecat and Marten fields to 100% just the month before.
The firm recently increased its stakes in two prospects west of Shetland to 100%, from 56%. It said the Sanda North and Sanda South fields could contain 280million recoverable barrels.
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