Parkmead Acquires Stake in Sorgenia Stakes
The Parkmead Group has today announced that it has taken a 20 per cent stake in each of Sorgenia E&P's four gas blocks on the UK Continental Shelf. The acquisition also includes a stake in the Pharos gas prospect.
Parkmead will take the 20 per cent stake in Blocks 47/4d, 47/5d, 47/10c and 48/6c in the southern area of the North Sea off the United Kingdom. The four blocks are located near the Amethyst, Ravenspurn, West Sole and Hyde Fields, which are all gas producing fields.
The deal complements Parkmead's other recent acqusisitions in the North Sea, the Platypus gas field and the Possum gas prospect in the nearby Southern Gas Basin.
A statement from Parkmead says the location of the new acquisitions is important as the potential of a successful gas find is high considering the historical drilling success rate.
"Both Platypus and Possum are structural traps containing a Rotliegendes age reservoir, which is the dominant gas producing horizon in the Southern North Sea," a statement for Parkmead said. "The Pharos prospect is also a structural trap with the same Rotliegendes reservoir. The historical drilling success rate within this play has been very good."
Parkmead also says that a find at the Pharos field could be jointly developed with the Platypus field, increasing the value of all three fields -- Pharos, Platypus and Possum.
An exploration well is due to be drilled on Pharos in 2012 on Block 47/5d, at a vertical relief of up to 600 ft, and an areal extent of up to 6,000 acres. The operator of the project, Dana Petroleum, is also a 50 per cent stakeholder in the project. Dana, Parkmead and Sorgenia will cooperate on the drilling.
Parkmead says the Pharos Structure holds a potential 500 billion cubic feet of gas.
"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," CEO of Parkmead Tom Cross said. "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 1Q 2012."