ABERDEEN, UK – Parkmead Group has signed an agreement with Sorgenia E&P (UK) to acquire 20% stakes in four blocks in the UK southern North Sea.
Blocks 47/4d, 47/5d, 47/10c, and 48/6c include the 47/10-8 gas discovery well, the Pharos gas prospect, and various exploration targets.
All the blocks are between the producing Amethyst, Ravenspurn, West Sole, and Hyde fields. They are also adjacent to Parkmead’s recently acquired blocks 48/1a, 47/5b, and 48/1c which contain the Platypus field and the Possum prospect.
Both Platypus and Possum are structural traps with a Rotliegendes-age reservoir, the chief gas-producing horizon in the region.
Pharos, too, is a structural trap with the same Rotliegendes reservoir. According to Parkmead, a discovery here could be jointly developed with Platypus, 14 km (8.7 mi) to the northeast.
The joint venture group plans to drill a well on northwestern part of the 500-bcf Pharos prospect during the second half of 2012. Pharos is a large closure with a vertical relief of up to 600 ft (183 m), and an areal extent of up to 6,000 acres (24 sq km).