Parkmead Notes Submission Of Two Key Platypus Gas Project Documents

UK and Netherlands-focused energy firm Parkmead Group PLC on Tuesday announced submission of an environmental statement and draft field development plan for the Platypus gas project in the UK southern North Sea.

Shares in Parkmead were up 1.2% at 37.40 pence in London in late morning trade.

Platypus is a co-venture, with Parkmead's equity in the project totalling 15%, with CalEnergy Gas holding a 15% interest, Zennor Petroleum 11%, and Dana Petroleum 59%. Dana Petroleum submitted the two documents and is a subsidiary of Korean National Oil Corp.

The development concept for Platypus "is a subsea tie-back to the Cleeton platform", and this should cut initial capital expense and field operating cost "significantly". Gas will be exported to Cleeton from Platypus using a 23 kilometre pipeline before it it routed directly to Dimlington terminal.

In terms of technical recoverable reserves, the mid case for Platypus is 105 billion cubic feet, with Platypus East possibly adding as much as another 51 billion cubic feet. Geological probability of success for Platypus East, formerly known as Possum, is 73%. Platypus's anticipated production life is around 20 years.

Parkmead Executive Chair Tom Cross said: "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."

Source: LSE