25 May 2012

Parkmead expands in North Sea

19/12/2011 Robert Tyerman

North Sea hopeful Parkmead Group (PMG) is buying 20 per cent of four blocks, containing the potentially significant Pharos gas prospect.

AIM-quoted Parkmead, steered by ex-Dana Petroleum boss Tom Cross, has not disclosed the terms of its deal with Italian-owned Sorgenia E & P, which brings it a fifth of Blocks 47/4d, 47/5d, 47/10c and 48.6c in the UK Southern North Sea.

These blocks contain a gas discovery at the 47/10-8 well and the Pharos prospect, which London-based Parkmead suggests has the potential for 500 billion cubic feet of gas. Unsurprisingly, Dana, which Cross sold to Korean National Oil Corporation for £1.7 billion last year, is operator with a 50 per cent stake, and plans to drill the Pharos in the second half of 2012.

Cross, who has a key stake in and recently lent £8 million to Parkmead, points out that the new licences the company has now acquired are close to two of its other recently obtained North Sea interests. These are the Platypus gas field, discovered by Dana and holding an estimated potential of 180 billion cubic fet of gas, and the Possum prospect, operated by Dana and with an estimated potential of 100 billion cubic feet of gas.

According to Cross, drilling at Platypus well is likely to start in the first quarter of next year. Parkmead shares, which have traded between 32.25p and 10.25p over the past year, now stand at 14.75p, valuing the company at £90.2 million and offering speculative potential.

Tags: AIM market, Dana Petroleum, Pharos gas prospect, Tom Cross, UK North Sea

Sector: Oil & Gas Producers

Companies: Parkmead Group (The)

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