North Sea exploration and development business The Parkmead Group (LON:PMG) has reported strong results from its Platypus gas appraisal well, which recorded a test flow rate of 27 million standard cubic feet of gas per day per day on a 96/64″ choke.
The Southern North Sea well 48/1a-6 was spudded on 11 April 2012 with the Ensco 80 jack up drilling rig. It reached a total measured depth of 14,175 feet on 19 June having successfully drilled a 3,100 foot horizontal section within the reservoir. A Drill Stem Test was successfully completed on 23 July and the well is being suspended for use as a future production well.
The Dana Petroleum-operated Platypus gas field is located in Block 48/1a in the UK Southern North Sea. It was discovered in 2010, when the Dana-operated 48/1a-5 well encountered significant gas bearing Lower Leman Sandstone reservoir.
The background to Parkmead’s involvement in the Platypus field dates back to 2007, when Dana was acquired by South Korea’s national oil company, KNOC. At that time Dana’s chairman Tom Cross left the group and subsequently joined Parkmead as executive chairman. He acquired a sizeable personal stake in the business and brought in a management team that comprised a number of ex-Dana personnel. Since then Parkmead has been expanding its acreage positions in the North Sea, latterly with the acquisition of DEO Petroleum, which is currently proceeding to completion.
At Platypus, Parkmead holds a 15% interest in the gas field, with other partners in the venture including Dana (operator 59%), First Oil Expro (11%) and CalEnergy Gas (15%).
Commenting on the latest development, Mr Cross said: “We are delighted to report successful and conclusive results from Parkmead’s first well in the North Sea and will be working with our partners to move ahead with the development of the significant gas field at Platypus. This is a very exciting time for Parkmead as the group’s oil and gas portfolio continues to grow rapidly, giving Parkmead a balanced asset base of production, development, appraisal and exploration opportunities.”
