Provisional Award of Three New UK Offshore Blocks

Parkmead Group (The) PLC

05 February 2024

 

5 February 2024

The Parkmead Group plc

("Parkmead", the "Group" or the "Company")

Provisional Award of Three Significant New UK Offshore Blocks

Parkmead, the independent energy group, is pleased to announce it has been provisionally awarded three new offshore blocks by the North Sea Transition Authority ("NSTA") in Tranche 2 of the UK's 33rd Licensing Round awards.

This important award consists of a licence covering Blocks 14/15a, 14/20d and 15/11a situated in the Central North Sea.  Parkmead will be operator and hold a 50% working interest, alongside its partner Orcadian Energy (CNS) Limited.  The new licence contains seven undeveloped oil discoveries within Mesozoic and Palaeozoic reservoirs. The most substantial of these is Fynn Beauly.

Fynn Beauly is one of the largest undeveloped oil accumulations in the UK, with estimated gross P50 contingent resources of 292 million barrels. This large heavy oil discovery is situated between the prolific Claymore and Piper fields. The field extends across all three awarded blocks and is estimated to contain oil-in-place of between 740 and 1,330 million barrels. This is an important award because the acreage which encapsulates this significant oil field has not previously been licensed to a single partner group, creating an exciting opportunity for Parkmead and Orcadian to advance the development of this substantial, previously untapped resource.

The current licence commitment requires no major capital outlay.  The work programme is focused on assessing the feasibility of reducing Fynn Beauly oil viscosity using enhanced oil recovery techniques. This work will include assessing the potential to utilise geothermal energy as part of the recovery mechanism to avoid the need for injected hot water.  This would allow for the delivery of a successful development of this major field which is in line with the NSTA's Net Zero Strategy.

Tom Cross, Executive Chairman, commented:

"This award demonstrates further success in Parkmead's strategy to identify value enhancing opportunities through lower risk developments, which are aligned with the NSTA's Net Zero strategy.  It also reaffirms Parkmead's status as a responsible and capable operator on the UKCS."

Enquiries:

The Parkmead Group plc	[phone]
Tom Cross (Executive Chairman)
Andrew Smith (Executive Director - Business Development)
Cavendish Capital Markets Ltd (NOMAD and Broker to Parkmead)	[phone]
Marc Milmo / Seamus Fricker- Corporate Finance            Leif Powis - Sales

The Group's Nominated Adviser and Broker, finnCap Ltd, has now changed its name to Cavendish

Capital Markets Ltd following completion of its own corporate merger.

About Parkmead

The Parkmead Group is a UK and Netherlands focused independent energy group listed on AIM of the

London Stock Exchange (AIM: PMG). The Group produces natural gas from a portfolio of four fields across the Netherlands and holds significant additional oil and gas interests across the UK and Dutch sectors. Parkmead also 100% owns and operates the Kempstone Hill wind energy company, producing electricity direct to the UK grid. This is in addition to a range of complementary renewable energy opportunities throughout the Group.

For further information please refer to Parkmead's website at www.parkmeadgroup.com

 

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