14th Sep 2016 07:25
LONDON (Alliance News) - Parkmead Group PLC on Wednesday said it has increased its stake in the Perth and Dolphin oil fields in the UK central North Sea, taking its equity in the licences to the fields are located to 60.05%.
The two oil fields are both operated by Parkmead and are located in the Moray Firth area of the UK central North Sea.
By increasing its stake in the fields, Parkmead said it has increased its group total proved and probable reserves by 19% to 27.9 million barrels of oil equivalent from 23.5 million, it said. The company didn't say how much it spent to increase its stake.
"We are delighted to have increased our stake in the Perth and Dolphin oil fields, which significantly increases Parkmead's oil reserves by some 19%. This growth step strengthens Parkmead's asset base in the centre of the Company's major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea," said Executive Chairman Tom Cross in a statement.
"Parkmead is working intensively to evaluate and execute further value-adding opportunities in its core areas of the UK and Netherlands," Cross added.
Shares in Parkmead were down 1.4% at 48.56 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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