Parkmead Group Interim Results For The Six-Month Period Ended 31st December 2020
Wednesday 31 March 2021
Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to report its interim results for the six-month period ended 31 December 2020.
Highlights
Excellent progress on Platypus gas and Greater Perth Area oil projects
Parkmead has agreed in principle to become operator of the Platypus gas project, subject to regulatory approval. It has entered into advanced commercial discussions with the Platypus supply chain, as well as progressing discussions with the OGA and also Perenco UK, in their role as operator of the Cleeton host facility
CalEnergy Resources is Parkmead’s partner on the project
Platypus has previously reached some key milestones ahead of its development, including submission of a draft Field Development Plan and Environmental Statement, which are in the process of being updated
The mid case recoverable gas reserves from Platypus are expected to be 103 billion cubic feet (“Bcf”), with peak gas production of over 60 million cubic feet of gas per day (“MMscfd”)
There is potential for additional gas volumes from the adjacent Platypus East structure. These could be tied into the planned Platypus infrastructure
Parkmead continues to assess draft commercial offers received from the Scott field partnership for the potential tie-back of the Greater Perth Area (“GPA”)
Infrastructure studies completed in 2020 have confirmed that there are no technical hurdles to produce Perth oil from the wells all the way through to the onshore facilities
Parkmead is also in discussions with other operators in the GPA vicinity where new opportunities have arisen during the year
Every $10/bbl increase in the oil price adds approximately £130 million to the P50 post-tax NPV of the Perth field development alone
Major new UK licence secured and significant progress on large Skerryvore project
Seismic reprocessing work covering the Skerryvore prospect and surrounding area is nearing completion
This will further mature the collection of prospects
Rock physics and inversion studies at Skerryvore will shortly commence after current tendering process
Skerryvore’s main prospects are three stacked targets, at Mey and Chalk level, which together could contain 157 million barrels of oil equivalent (“MMBoe”)
Parkmead has accepted the award of Licence P.2516 (Parkmead 50% and operator) containing two undeveloped oil discoveries, Fynn Beauly and Fynn Andrew, as well as an oil prospect in the Piper Formation
The licence covers Blocks 14/20g & 15/16g situated in the Central North Sea and is adjacent to Parkmead's extensive GPA project
Fynn Beauly is a very large oil discovery which extends across a number of blocks
The entire discovery is estimated to contain oil-in-place of between 602 and 1,343 million barrels, with Licence P.2516 containing a section of the discovery to the south holding oil-in-place of between 77 and 202 million barrels
Fynn Andrew is wholly contained on the licence and holds 50 million barrels of oil-in-place on a P50 basis
The addition of these blocks to Parkmead's portfolio adds 34.4 million barrels of 2C resources to the Group