19th Nov 2013 14:46
LONDON (Alliance News) - The Parkmead Group PLC said Tuesday that it had discovered a new gas field in the UK Southern North Sea by the Pharos exploration well.
The company said that the discovery could potentially be valuable because, depending of the volume of gas, it could be jointly developed alongside the Platypus Gas field which is situated near the Pharos prospect.
Parkmead holds a 20% interest in the new discovery.
Shares in Parkmead were trading up 2.6% at 13.85 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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