Parkmead raises funds for next-phase North Sea work
Parkmead has raised $66 million through an oversubscribed share placement.
ABERDEEN, UK – Parkmead 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.