Parkmead awarded three new UK oil and gas licences

Parkmead awarded three new UK oil and gas licences

Parkmead, the UK and Netherlands focused independent oil and gas group, is delighted to announce that it has been provisionally awarded three new licences covering three offshore blocks in the UK 28th Licensing Round.

These newly awarded licences are part of the second tranche of 28th Round awards. This latest success follows Parkmead’s award of six licences covering nine offshore blocks in the first tranche of awards. Two of the new licences are located in the highly prospective West of Shetland area, and will both be operated by Parkmead. The third licence is located in the Southern North Sea, and will be operated by Atlantic Petroleum.

The new licences complete an excellent 28th Round for Parkmead, with the Company winning a total of nine new oil and gas licences covering 12 offshore blocks. These licences complement Parkmead’s strong existing asset base of oil and gas production, exploration prospects, and the major Perth-Dolphin-Lowlander (PDL) oil hub development.

    Tom Cross, Executive Chairman, commented:

“We are delighted with these significant new licence awards, which further increase the scale of Parkmead’s oil and gas operations in the UK. Both the West of Shetland region and the Southern Gas Basin are areas we understand well, and both have the potential to add major value to Parkmead.

These new licences complete an excellent suite of 28th Round awards for Parkmead, increasing our UK portfolio by a total of 12 offshore blocks.

In addition to this growth through licencing, the Parkmead team is looking hard at further acquisition opportunities which take advantage of the low oil price environment.”

To view the full report : offshore blocks in the UK 28th Licensing Round

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