Exploration & Production

Parkmead completes acquisition of North Sea licence from Verus Petroleum

Independent E&P company Parkmead has completed the acquisition of a 50% interest in Licence P.2209 in the UK North Sea from Verus Petroleum.
By Staff reporter 10 August 2017 0 27134

Independent E&P company Parkmead has completed the acquisition of a 50% interest in Licence P.2209 in the UK North Sea from Verus Petroleum, giving it full ownership of the concession, the company said in a note on Wednesday.

The licence contains the Farne Extension prospect and a further four prospective leads, as well as two adjacent blocks, Block 42/19 and Block 42/20b. It is expected to hold almost 5 billion cubic metres of gas.

“Our technical and commercial teams at Parkmead are working hard to evaluate and...