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Parkmead confirms new gas field in North Sea

By BFN News | 02:32 PM | Tuesday 19 November, 2013


Parkmead has confirmed a new gas field discovery in the UK southern North Sea by the Pharos exploration well. The 47/5d-6 well, targeting the Pharos prospect, was drilled on behalf of the co-venturers by Dana Petroleum using the Noble Lynda Bossler drilling rig. Gas was discovered in a Rotliegendes age sandstone reservoir. Extensive downhole data was gathered, including wireline logs, gas samples, reservoir pressures and substantial coring of the reservoir. Detailed evaluation of the discovery will be undertaken in order to determine the volume of gas initially in place (GIIP). Parkmead holds a 20% working interest in the new discovery at Pharos. The other joint venture partners are Dana Petroleum (operator), Dyas Exploration UK Limited, MPX North Sea Limited and Hansa Hydrocarbons Limited. At 2:32pm: (LON:PMG) Parkmead Group (The) PLC share price was +0.13p at 13.63p Story provided by StockMarketWire.com

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