Parkmead gains control of two North Sea fields

Parkmead has assumed outright ownership of the Polecat and Marten oil fields in UK central North Sea blocks 20/3c and 20/4a.

Offshore staff

ABERDEEN, UK – Parkmead has assumed outright ownership of the Polecat and Marten oil fields in UK central North Sea blocks 20/3c and 20/4a.

The company secured an initial 50% interest in these blocks under theUK 28th Licensing Round awards.

Both fields are 20 km (12.4 mi) east of Buzzard complex and are close to Parkmead’s proposedPerth-Dolphin-Lowlander (PDL) hub project in the Moray Firth area.

Polecat and Marten are Buzzard sandstone oil accumulations, with in-place reserves estimated at more than 90 MMbbl, and more than 33 MMbbl of contingent resources.

The company is considering a joint development as part of the Greater PDL Area project.

Polecat was discovered in 2005 and appraised in 2010, with a well that flow tested at 4,373 b/d of good quality 32° API oil.

Marten, discovered in 1984, encountered three oil-bearing sandstones of Upper Buzzard age. There is a large amount of existing data on the block, based on wells already drilled in the area.

08/10/2016

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