LONDON (Alliance News) - The Parkmead Group PLC Tuesday said it has been provisionally awarded six new licenses covering nine offshore blocks from the UK's 28th offshore licensing round, three of which surround its current oil hub development project.
The new licenses are located in the central and southern areas of the North Sea and include unexplored prospects and proven discoveries, it said in a statement.
The new licences take Parkmead's total number of oil and gas blocks across the UK and the Netherlands to 61, with 48 of these being operated by the the company, which will take the role of operator at all of the new licenses.
The company said three of the new licenses surround its Perth Dolphin Lowlander oil hub development project which will significantly increase its asset base there.
The company holds a 52% interest in one of the licenses in partnership with fellow AIM listed Faroe Petroleum and Atlantic Petroleum. Parkmead holds a 50% interest in a second license in partnership with Atlantic and the final license is in partnership with Faroe, CalEnergy and Verus Petroleum, with Parkmead holding a 25% interest.
"These new licences complement Parkmead's strong existing asset base of oil and gas production, new exploration prospects and the major Perth Dolphin Lowlander oil hub development," said Parkmead.
In addition, the company has applied for further licenses in the UK's 28th licensing round based in the southern gas basin and to the west of the Shetland region where the company has existing operations. The company is expecting these further results to be announced at a later date whilst the UK government carries out further assessments, it said in a statement.
"These awards complete an exceptional year for Parkmead, during which we have substantially increased production and discovered two new gas fields through our highly successful exploration programme," said Executive Chairman Tom Cross.
Parkmead shares were down 0.4% to 162.37 pence per share Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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