Parkmead raises funds for next-phase North Sea work

Parkmead has raised $66 million through an oversubscribed share placement.

Jan 28th, 2014

Offshore staff

ABERDEEN, UKParkmead has raised $66 million through an oversubscribed share placement.

The company plans to use the proceeds to help fund its commitments in theUK North Sea. These include:

  • An exploration well on theSkerryvore oil prospect, probing multiple stacked targets at different geological levels.
  • Workover operations on the Ithaca Energy-operatedAthena oil field, designed to restore production to previous levels following downhole problems. The partners are also reviewing locations for a potential new production well to extend the life of the field. If successful these programs could lift production to more than 10,000 b/d.
  • More acquisitions.
  • Acceleration of Parkmead’s exploration drilling schedule on other structures such as Possum, Blackadder in the southern gas basin, and Davaar west of Shetland.


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