TIDMPMG
RNS Number : 8880P
Parkmead Group (The) PLC
15 October 2019
15 October 2019
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Field Development Plan draft and Environmental Statement
submitted for the Platypus Gas Project
Parkmead, the UK and Netherlands-focused independent energy
group, is pleased to announce that a draft Field Development Plan
("FDP") and Environmental Statement ("ES") for the Platypus gas
project has been submitted to the Oil and Gas Authority ("OGA") and
the Offshore Petroleum Regulator for Environment and
Decommissioning ("OPRED"), respectively.
These two documents were submitted on behalf of the co-venturers
by Dana Petroleum, a subsidiary of the Korean National Oil
Corporation (KNOC). Parkmead's co-venturers in the Platypus project
are CalEnergy Gas (15%), Zennor Petroleum (11%) and Dana Petroleum
(59%). Parkmead's equity in the project is 15%.
HIGHLIGHTS
-- Draft Field Development Plan and Environmental Statement
submitted to the OGA and OPRED, respectively, for the development
of the Platypus gas project in the UK Southern North Sea
-- Selected development concept is a subsea tie-back to the
Cleeton platform, significantly reducing initial capital
expenditure and field operating cost
-- Gas will be exported from Platypus to Cleeton via a 23km
pipeline before being routed directly to the Dimlington terminal
for separation and processing
-- Mid case technical recoverable reserves from Platypus of 105 billion cubic feet ("Bcf")
-- Platypus East (previously Possum) provides significant upside
to the Platypus project, potentially adding up to 51 Bcf of
reserves to the project
-- Platypus East is estimated by the operator to have a
Geological probability of success (GPos) of 73%
-- Platypus alone is expected to produce 47 million cubic feet
of gas per day ("MMscfd") at peak production, according to operator
estimates
-- The anticipated producing life of the field is approximately 20 years
-- Platypus was flow tested in 2012, following a successful
appraisal well, at a rate of 27 MMscfd (approximately 4,600 barrels
of oil per day on an equivalent basis).
Summary of the Project
The Platypus field is located in the UK Southern North Sea in
Blocks 47/5b and 48/1a, approximately 18 km north west of the West
Sole gas field and 15 km south west of the Babbage field. The
Platypus gas field was discovered in 2010 and was successfully
appraised with a horizontal well in 2012 which was flow tested at a
rate of 27 million cubic feet of gas per day (approximately 4,600
barrels of oil per day on an equivalent basis).
As a result of the successful appraisal well, the field
development studies have been progressed leading to confirmation of
concept selection and submission of the draft development plan. The
draft Field Development Plan and Environmental Statement are
subject to the standard regulatory review and approvals.
The selected development concept will consist of two development
wells connected to a subsea manifold, with gas export to the
Cleeton Wellhead (CW) platform via a 23km pipeline. Controls will
be provided from Cleeton via a subsea control umbilical that will
be installed along with the pipeline. Produced fluids will arrive
at the Cleeton facilities before being routed directly to the
Dimlington Terminal for separation and processing.
The Perenco-operated Cleeton CW platform is bridge-linked to the
manned Cleeton CP platform. The other installations and gas fields
connected to Cleeton are Ravenspurn, Neptune, Minerva, Wollaston
and Whittle.
The development option selected for the Platypus field was
reached following an extensive concept selection process. This
considered technical feasibility, project execution schedule and
commercial viability, in addition to environmental, health and
safety issues.
Several existing offshore facilities were considered as hosts
for the processing and export of the Platypus fluids. The Cleeton
CW platform and onward transport to the Dimlington onshore terminal
provided the optimal combination of technical, commercial and
environmental options and was therefore selected as the preferred
development option.
Tenders for the Subsea Pipeline & Facilities Engineering,
Procurement, Construction and Installation, the Umbilical Supply
and Controls Supply are all planned to be issued during Q4 2019.
Project Sanction is expected to occur in Q2 2020 with First Gas
scheduled in Q1 2022.
The two Platypus development wells, of similar design, will be
drilled to approximately 3,109 m (10,200 feet). The water depth at
the proposed Platypus well location is approximately 40m.
Platypus East provides a significant upside opportunity for the
project, potentially adding another 51 Bcf of recoverable reserves.
It is planned that early reservoir monitoring will be conducted at
Platypus in order to gather additional data prior to the drilling
of Platypus East.
Tom Cross, Executive Chairman, commented:
"We have achieved an important milestone on the valuable
Platypus project. This innovative subsea tie-back plan reduces the
cost of the project significantly.
The Platypus project has the potential to open up further
development upside in this prolific gas area, in which Parkmead has
additional appraisal and exploration interests.
Platypus is a key element within Parkmead's growing and balanced
energy portfolio. This includes low-cost onshore Dutch gas
production and a number of exciting development projects, including
the Greater Perth oil Area.
Parkmead is also working hard to evaluate its range of
high-quality oil & gas exploration licences and a number of
renewable energy opportunities available to the Company".
Enquiries:
The Parkmead Group plc +44 (0) 1224 622200
Tom Cross (Executive Chairman)
Ryan Stroulger (Chief Financial Officer)
Arden Partners plc (Financial Adviser,
NOMAD and Corporate Broker to Parkmead) +44 (0) 20 7614 5900
Ciaran Walsh
Tim Dainton
Instinctif Partners Limited (PR Adviser
to Parkmead) +44 (0) 20 7457 2020
David Simonson
Sarah Hourahane
Dinara Shikhametova
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Notes to Editors:
1. Dr Colin Percival, Parkmead's Technical Director, who holds a
First Class Honours Degree in Geology and a PhD in Sedimentology
and has over 35 years of experience in the oil and gas industry,
has reviewed and approved the technical information contained in
this announcement. Parkmead's evaluation of reserves and resources
was prepared in accordance with the 2007 Petroleum Resources
Management System prepared by the Oil and Gas Reserves Committee of
the Society of Petroleum Engineers and reviewed and jointly
sponsored by the World Petroleum Council, the American Association
of Petroleum Geologists and the Society of Petroleum Evaluation
Engineers.
2. Parkmead is an independent energy group that is listed on AIM
on the London Stock Exchange (symbol: PMG). Parkmead is focused on
growth in the oil and gas upstream and renewable energy sectors,
targeting transactions at both asset and corporate level.
3. In August 2016, Parkmead doubled its stake in the Polecat and
Marten oil fields in the UK Central North Sea. The Polecat and
Marten fields are located in Blocks 20/3c & 20/4a within
Licence P.2218 and Parkmead now operates the licence with 100%
equity.
4. In September 2016, Parkmead increased its stake in the Perth
and Dolphin oil fields in the UK Central North Sea to 60.05 per
cent. The Perth and Dolphin fields, which are both operated by
Parkmead, are at the core of Parkmead's major Greater Perth Area
oil hub project.
5. In April 2017, Parkmead significantly increased its stake in
the major Sanda North and Sanda South prospects in the West of
Shetland area of the UK North Sea. Through this accretive step,
Parkmead increased its equity in the licence from 56% to 100%.
6. In May 2017, Parkmead announced that it had signed a Sale and
Purchase Agreement with Verus Petroleum (SNS) Limited to acquire a
50% interest in UK North Sea Licence P.2209 which contains the
Farne Extension prospect and a further four prospective leads.
7. In January 2018, Parkmead significantly increased its equity
in the Greater Perth Area oil hub project from 60.05% to 100%. The
Group also announced that it had signed an agreement with Nexen
Petroleum, a subsidiary of China National Oil Corporation (CNOOC),
to conduct a detailed engineering study in relation to the
potential subsea tieback of the Greater Perth Area project to the
Scott platform and associated facilities in the UK Central North
Sea.
8. In May 2018, Parkmead was provisionally awarded nine offshore
blocks and part blocks spanning five new licences in the UK 30th
Licensing Round.
9. In August 2019, Parkmead announced expansion into the
renewable energy sector by signing a share purchase agreement to
acquire the entire issued share capital of Pitreadie Farm Limited,
a company owning extensive farmland and sites with significant
renewable energy potential.
10. Through its wholly owned subsidiary, Aupec Limited, The
Parkmead Group provides petroleum benchmarking and economics
expertise to a wide range of government bodies and international
energy companies. Aupec has to date worked with over 100
governments, national oil companies, majors and independents across
the world, as well as a number of multi-national agencies such as
the European Commission and the World Bank. Aupec is currently
undertaking an important benchmarking project for a group of the
world's largest super-major oil and gas companies.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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