Parkmead Announces Two Well Drilling Campaign in the Netherlands

Source: 11/16/2022, Location: Europe

Parkmead, the independent energy group, has announced that the Drilltec Synergy 2 Rig has now commenced its mobilisation, ahead of an upcoming two-well 'LDS' drilling campaign in the Netherlands.

The LDS wells will target multiple Rotliegendes gas reservoir prospects from the existing Diever well site, which is already in production. Construction work to facilitate the potential tie-in of the new wells is largely complete. A successful drilling outcome will result in new fast-track production that adds significant additional revenue and cash flow for Parkmead. It is anticipated that the results of the first LDS well will be known around the end of the calendar year 2022, with the second being known in Q1 2023.

The LDS wells form part of Parkmeadís interests in the Dutch Drenthe VI concession. This concession also contains the Diever gas field which remains in the top three most prolific producing onshore fields in the Netherlands. Further follow-on prospects have also been identified.

Tom Cross, Executive Chairman, commented:

'We are delighted to announce that rig mobilisation is underway, and drilling of our LDS prospects will commence shortly. Success at these wells aims to underpin Parkmeadís existing production from the Diever well site, which has proven to be one of the most prolific onshore producing fields in recent times.

Our Dutch assets remain a key focus for Parkmead as we aim to continue building on the tremendous success in the region. Our Company maintains a 100% unhedged strategy therefore benefitting, to the maximum, from the sustained buoyant gas prices.'

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