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Parkmead Awarded New Blocks in UKís 32nd Offshore Licensing Round

Source: www.gulfoilandgas.com 9/7/2020, Location: Europe

Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, has been offered four offshore blocks and part blocks spanning three new licences in the UK 32nd Licensing Round awards.

The first of these provisional licence awards covers Blocks 14/20g & 15/16g (Parkmead 50% and operator) situated in the Central North Sea, adjacent to Parkmead's extensive Greater Perth Area ("GPA"). These blocks contain two undeveloped oil discoveries, Fynn Beauly and Fynn Andrew, as well as an oil prospect in the Piper Formation.

Fynn Beauly is a very large heavy oil discovery, up-dip from the Lowlander oil field (Parkmead 100%). The entire discovery extends across a number of blocks and is estimated to contain oil-in-place of between 602 and 1343 million barrels. Blocks 14/20g & 15/16g contain a section of the discovery to the south, with oil-in-place of between 77 and 202 million barrels. The second discovery, Fynn Andrew, is wholly contained on the offered blocks and holds 50 million barrels of oil-in-place on a P50 basis.

The proposed work programme includes seismic reprocessing and technical studies. Parkmead's partner on the offered blocks is Pharis Energy (50% working interest).

The addition of these blocks to Parkmead's portfolio would add 34.4 million barrels of 2C resources to the Group.

Two further licences have been offered to Parkmead as part of the 32nd Round. Block 14/20c (Parkmead 100%) is located in the Central North Sea and contains extensions to the Lowlander oil field and the Fynn Beauly oil discovery. Block 42/28g (Parkmead 100%) is situated in the Southern North Sea near the Tolmount gas discovery.

Parkmead will now evaluate the offered awards and how they complement the Group's significant and growing energy portfolio.

Tom Cross, Executive Chairman, commented:
"These awards demonstrate the strength of Parkmead's energy expertise and have the potential to extend the Company's asset base as we develop into a balanced energy group."

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