The Parkmead Group plc has been formally awarded 50% of the Fynn Beauly heavy oil discovery, estimated to hold oil-in-place of 740 million to 1.33 billion barrels, in the Outer Moray Firth. UNCERTAINTIES The operator will share licence P2634, comprising blocks 14/15a, 14/20d and 15/11a, with Orcadian Energy plc who holds a 50% interest. An […]
Tag: The Parkmead Group plc
Parkmead mulls geothermal energy for Fynn Beauly
The Parkmead Group could use geothermal energy instead of injecting hot water to reduce oil viscosity for enhanced recovery in Fynn Beauly in the central North Sea. SUBSTANTIAL The discovery is part of three new offshore blocks 14/15a, 14/20d and 15/11a in a new licence awarded to the operator’s 50-50 joint venture with Orcadian Energy […]
Parkmead increases Dutch gas production and reserves
The Parkmead Group reported consistent average production rates from the LDS-01 discovery well on the Drenthe VI joint venture licence since coming on stream. OPTIMISATION The licence, in the Diever West field containing the Lheebroek prospect, is in the north of the Netherlands. The company said that LDS-01 had average rates close to 5,000 boepd […]
Parkmead writes off Perth oil for £33m
The Parkmead Group will write off its Perth oil development in a non-cash one-off impairment of approximately £33 million because of “unprecedented challenges” in the hydrocarbon sector. ISSUES In its business review, the company said it had re-evaluated its direction following “volatile oil and gas prices, ageing infrastructure and rising capital and operating costs”. Parkmead […]
Parkmead’s finance director Ryan Stroulger leaves
The Parkmead Group plc finance director Ryan Stroulger’s employment with the company has ended by mutual agreement. Finance controller Donald Wilson CA has assumed full responsibility for the group’s finance function. Mr Donald trained and qualified with PwC LLP and has some 13 years’ experience in finance in the energy sector. He latterly spent four […]
Parkmead reports better than expected LDS-01 flow rates
The Parkmead Group (PMG) reported better than expected gas condensate flow rates from the LDS-01 well on the joint venture Drenthe VI licence in the Netherlands. LDS-01 WELL The company has six Netherlands licences with a number of low-risk exploration prospects. The LDS exploration project, within the Drenthe VI licence (7.5%), involves drilling two to […]