Parkmead Group Announces Provisional Award of Three Significant New UK Offshore Blocks

Source: 2/5/2024, Location: Europe

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."

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