Parkmead Group has increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea.
The Perth and Dolphin fields are located across Blocks 15/21a, b, c and f & 14/25a in Licences P.218, P.588 and P.2154.
Through this growth step, Parkmead has increased its equity in these licences to 60.05%. The Perth and Dolphin fields, which are both operated by Parkmead, are at the core of Parkmead's major Perth-Dolphin-Lowlander (PDL) oil hub project.
Perth and Dolphin are located in the prolific Moray Firth area of the UK Central North Sea, which contains significant oil fields such as Piper, Claymore and Tartan.
Through a series of licensing round successes and strategic acquisitions, Parkmead has established an important position for itself in this area of the North Sea.
Perth and Dolphin are two sizeable Upper Jurassic Claymore sandstone accumulations that have tested 32-38o API oil at production rates of up to 6,000 bopd per well.
As a result of this latest move, Parkmead has increased the Group's total proved and probable (2P) reserves by 19% from 23.5 to 27.9 million barrels of oil equivalent.
This transaction follows Parkmead's recent acquisition of an additional 50% equity in the Polecat and Marten fields, announced on 10 August 2016.
Polecat and Marten have the potential to be highly valuable to Parkmead as, given their close proximity to PDL, they could be jointly developed as part of the Greater PDL Area project.