It’s been a slow but steady start to 2012 for Parkmead (the baby dana). It comes as no surprise to many to see Tom Cross, securing licences from his previously run company - Dana Petroleum. There’s no doubts that Mr Cross understands and knows these licences better than most – possibly better than the new owners of Dana Petroleum!
Having Parkmead on board as partners might prove to be a shrewd move as it certainly retains many of the key management team that were last working under Dana. It’s an interesting relationship and perhaps one that flirts with the takeover regulations to some extent. At the moment – Parkmead certainly looks like a contender for Dana’s very own ‘mini me’.
Mr Cross clearly hasn’t lost his Mojo.
27th February 2012, The Parkmead Group plc
Parkmead Completes Acquisition of Stakes in the Pharos Gas Prospect and Four UKCS Gas Basin Blocks
The Parkmead Group plc is pleased to report that it has completed the acquisition of four stakes of 20% interest each in Blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea from Sorgenia E&P (UK) Ltd. These four blocks contain the 47/10-8 gas discovery as well as the large Pharos gas prospect and several significant additional exploration targets.
This acquisition follows Parkmead’s recent deal which saw it enter the Platypus gas field and the Possum gas prospect, both nearby in the Southern Gas Basin. It further highlights Parkmead’s strategy of investing in North Sea fields and blocks where the Group’s technical and commercial teams have an extensive working knowledge of the assets.
The four blocks now being acquired are located in a prolific part of the Southern North Sea, between the producing Amethyst, Ravenspurn, West Sole and Hyde Fields. Importantly, these licence areas are adjacent to Blocks 48/1a, 47/5b and 48/1c recently acquired by Parkmead and holding the Platypus field and the Possum prospect. Both Platypus and Possum are structural traps containing a Rotliegendes age reservoir, which is the dominant gas producing horizon in the Southern North Sea. The Pharos prospect is also a structural trap with the same Rotliegendes reservoir. The historical drilling success rate within this play has been very good. A discovery at Pharos could be jointly developed with the Platypus field, which is only some 14km to the north east of Pharos, and this would significantly increase the economic value of all three accumulations at Platypus, Possum and Pharos.
The operator, Dana Petroleum, holds a 50% stake and the joint venture group plans to drill the Pharos well in 2H 2012 or 1H 2013. The Pharos prospect is a large closure with a vertical relief of up to 600 ft, and an areal extent of up to 6,000 acres. The planned Pharos exploration well will be drilled in Block 47/5d, towards the boundary with 47/4d, on the north western end of the Pharos Structure. This structure has the potential to contain up to 500 billion cubic feet of gas in place.
Tom Cross, Executive Chairman of Parkmead, commented:
“We are pleased to have secured stakes in these attractive licence areas, which are in close proximity to our interests in the Platypus gas field and the Possum prospect. These four blocks contain a number of targets, including the large Pharos prospect which we expect to drill later in 2012 or early in 2013, following the next well at Platypus which is due to start drilling within the next few weeks.”