Parkmead is pleased to announce that a new gas field has been discovered in the UK Southern North Sea by the Pharos exploration well.

The 47/5d-6 well, targeting the Pharos Prospect, was drilled on behalf of the co-venturers by Dana Petroleum using the Noble Lynda Bossler drilling rig. Gas was discovered in a Rotliegendes age sandstone reservoir. Extensive downhole data was gathered, including wireline logs, gas samples, reservoir pressures and substantial coring of the reservoir. Detailed evaluation of the discovery will be undertaken in order to determine the volume of gas initially in place (GIIP).

The discovery at Pharos is potentially valuable to Parkmead because, depending on the volume of gas in place, it could be jointly developed with the Platypus gas field, which is situated only 14km from the Pharos location. This would increase the value of the already economic development at Platypus. The Platypus gas field was discovered in 2010 and it was successfully appraised by Parkmead and its co-venturers with a horizontal well in 2012. Platypus 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).

Tags: Parkmead Group