Parkmead invests in 'attractive' North Sea blocks
AIM-listed oil and gas group Parkmead has acquired four separate 20% stakes in Blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea.
AIM-listed oil and gas group Parkmead has acquired four separate 20% stakes in Blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea.
"These four blocks contain the 47/10-8 gas discovery as well as the large Pharos gas prospect and several significant additional exploration targets," the firm said.
The historical drilling success rate within Pharos is said to have been very good, and the structure has the potential to contain up to 500 billion cubic feet of gas in place.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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," said Executive Chairman Tom Cross.
No financial information was given on the details of the acquired interests.
BC
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published