Parkmead invests in 'attractive' North Sea blocks

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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.

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"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