1st Oct 2013 10:31
LONDON (Alliance News) - The Parkmead Group PLC, the UK-based investment and advisory company, Tuesday said drilling of an exploration well at Pharos in the UK Southern North Sea has started.
The group said that the pharos gas prospect has the potential to contain up to 500 billion cubic feet of gas-in-place, or 86 million barrels on an oil equivalent basis.
The Pharos prospect is a large closure with a vertical relief of up to 600 feet, and an areal extent of up to 6,000 acres.
The group said that a discovery at Pharos would be highly valuable because it could be jointly developed with its Platypus gas field, located only 14 kilometres from the Pharos drill location. It said that this would significantly increase the value of the already economic development at Platypus.
"If successful, Pharos could add significant further value to the Platypus gas field and also provide greater understanding of the exciting Blackadder prospect nearby," said Executive Chairman Tom Cross in a statement.
The drilling operation is being undertaken by Dana Petroleum as operator, using the Noble Lynda Bossler drilling rig.
Parkmead holds a 20% working interest in Pharos, and the other joint venture partners are Dyas Exploration UK Limited and MPX North Sea Limited.
The Parkmead Group shares were up 5.8% at 11.90 pence per share before midday Tuesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Parkmead