Parkmead intensifying studies of west of Shetland prospects

April 4, 2017
Parkmead has increased its ownership in a license west of Shetland to 100%.

Offshore staff

ABERDEEN, UKParkmead has increased its ownership in a license west of Shetland to 100%.

The license covers block 205/13, containing the Palaeocene Sanda North and Sanda South structures, thought to hold prospective recoverable oil resources of 280 MMbbl.

Parkmead originally secured a 56% stake in the concession under theUK’s 28th Offshore Licensing Round.

The block is in the Faroe-Shetland, northeast of the basement Lancaster oilfield. Its main developed play fairway is the Paleocene Vaila formation which forms the reservoir in nearby oil fields such as Foinaven, Schiehallion and Loyal, and in the Laggan and Tormore gas discoveries to the northeast.

The Vaila Formation comprises a sequence of interbedded sandstones, deposited in a submarine fan environment, with five main reservoir units. Mapping has revealed two distinct amplitude anomalies (Sanda North and Sanda South).

Parkmead says the two prospects have been de-risked through a previous well drilled up-dip of the amplitude anomaly. Its geoscientists have reprocessed existing seismic over the licence and the company recently acquired geochemical data from the previously drilled well.

The new data should help further de-risk the target ahead of a drilling decision at Sanda.

In the UK central North Sea, Statoil’s planned well this summer on theVerbier prospect, if successful, could improve development prospects for the Parkmead-operated Polecat and Marten oil fields, 12 km (7.5 mi) to the west.

Verbier lies in the same play fairway as Polecat and Marten, and shares many similarities with these fields, Parkmead points out.