Metal process

Parkmead launches lease process for Greater Perth area

Parkmead has engaged corporate finance consultancy Gneiss Energy to help find a suitable partner for its 100% stake in the Greater Perth Area development project, it announced on Friday.

The AIM-listed company said the central Perth field contains around 55 million barrels of recoverable oil equivalent on a “very probable” basis of P50.

He added that the larger project, meanwhile, had the potential to deliver between 75 million and 130 million barrels on a P50 basis, and could provide value-added volumes to surrounding infrastructure through life extension. field life.

The Greater Perth area was described by the council as one of the largest undeveloped oil projects in the North Sea, adding that it had been fully appraised, meaning no further appraisal drilling was needed.

He said the constituent fields have been flow-tested at rates of up to 6,000 barrels of oil per day and are producing “good quality” light crude oil between 37 degrees and 32 degrees API.

Parkmead recently had a dialogue on commercial terms with the nearby Scott Field Partnership for the project’s potential connection to Scott.

Scott is six miles southeast of the Greater Perth Area project, which means a connection could bring a number of mutually beneficial benefits to the Scott partnership and the owners of Perth.

Transportation studies for the base case development concept had also been completed, which Parkmead said confirmed that there were no technical issues that would prevent the transportation and processing of fluids from the producing wells of Perth, all the way from offshore infrastructure to onshore facilities.

Parkmead said it was engaging with companies in the supply chain to maximize oil production and launching a net zero study to meet regulatory requirements.

Following its progress to date, the company said it is now in a position to initiate an affermage process to seek an industrial partner for the Greater Perth area.

“Parkmead has officially commenced a concession of the Greater Perth Area project, following the extensive technical and commercial work our team has completed so far,” said Executive Chairman Tom Cross.

“We secured 100% of the project and provided a commercial export solution. The time has therefore come to move the project forward with a complementary industrial partner.

“The Greater Perth area is one of the largest undeveloped oil projects in the North Sea and its development would serve to increase UK energy security once in operation.”

At 3.51pm BST, Parkmead Group shares rose 2.86% to 66.86p.

Reporting by Josh White on Sharecast.com.