Parkmead provides update on the Skerryvore project in the UK Central North Sea
Parkmead, the independent energy group, today provides an update to developments on the Skerryvore project in the UK Central North Sea.

Following consultation with its joint venture partners in Licence P.2400 (which encompasses the Skerryvore prospects) and having received approvals from the regulatory authorities, the Company has reached agreement to increase its stake in the Skerryvore project from 30% to 50%. Parkmead will continue as Operator on the licence, which is testament to the efforts and capability of the Parkmead team. Skerryvore will be Parkmead’s first operated exploration well. Parkmead’s joint venture partners in the licence going forward will be Serica Energy (UK) Limited (20%) and CalEnergy (Gas) Limited (30%).

In addition, Parkmead has received approval from the North Sea Transition Authority (NSTA) to enter the next phase of this licence with agreement to drill the high-impact Skerryvore prospects. The Company’s geotechnical work programme has confirmed the considerable multi-interval potential of Skerryvore. The planned well will target the main stacked exploration prospects, at Mey and Chalk level, which studies indicate could contain 157 million barrels of oil equivalent (“MMBoe”) in the P50, most likely case. The licence also contains additional prospectivity at the Ekofisk and Jurassic levels. A successful discovery could be tied into existing and planned infrastructure in the vicinity. 

The area around Skerryvore is currently seeing important activity on several fronts, with Harbour Energy having reached an investment decision on the adjacent Talbot discovery and NEO Energy continuing with the redevelopment of Affleck. Development activity is also taking place in the Norwegian sector in close proximity to Skerryvore at Tommeliten A, a licence operated by ConocoPhillips. 

Tom Cross, Executive Chairman, commented:
“Parkmead’s technical team has made significant progress on the licences held by the Company and the decision to proceed with drilling the Skerryvore prospects is a major milestone. Parkmead will continue to evaluate the exploration potential of other licences it holds. We are seeing renewed UK government interest in the North Sea, as it seeks to bolster energy security, and we are excited by the opportunities that exist within our assets in this prolific region.  

Increasing our stake in Skerryvore comes on the back of delivering record gas revenues this year in the Netherlands. 

We will continue to focus on building a portfolio of high-quality energy projects through acquisitions, organic growth and the active management of our assets across all energy sectors.”

Central North Sea assets

Parkmead was awarded two significant new licences in the Central North Sea as part of the UK 30th Licensing Round.

The first of these comprises Blocks 30/12c, 13c, 17h & 18c (Parkmead 50% and operator) in the prolific Central Graben. Four play fairways are developed on this acreage providing six prospects. Significant prospectivity on the blocks is mapped at Palaeocene Mey Sandstone and Cretaceous Chalk level, with additional prospectivity recognised within the deeper Jurassic Fulmar play. The Palaeocene Mey and Chalk are proven productive reservoirs in the area by fields and discoveries such as Joanne, Judy, Orion and Flyndre.

The Skerryvore Mey prospect overlies two stacked Chalk prospects (Skerryvore Ekofisk and Skerryvore Tor) which are associated with a Zechstein salt diapir called Skerryvore. The Chalk in these prospects is thought to have been re-worked, which significantly improves permeability over conventional Chalk reservoirs. These three stacked prospects have the potential to contain 157 million barrels of recoverable oil equivalent on a P50 basis.

An additional Paleocene Mey prospect (Skerryvore West) and one Chalk prospect (Skerryvore North) are also identified on the blocks. 

The second licence, covering Block 30/19c (Parkmead 30% and operator), lies immediately to the east of the Skerryvore blocks and contains Ruvaal, a Palaeocene Mey combination structural and stratigraphic trap.

KeyFacts Energy: Parkmead Group UK country profile 

If you would like to discover more about KeyFacts Energy, contact us today and we can arrange a 15-minute online meeting to review our database of over 2,600 continually updated 'country-specific' oil and gas and renewable energy profiles from a selection of 144 countries. Find out how you can instantly identify companies with operational activity in your chosen country, 'fine-tune' your news or company selection based on industry category, energy type or regional location and additionally benefit from one to one contact with us to ensure maximum online and social media exposure for your company.