PARKMEAD GROUP, the energy company headed by former Dana Petroleum chief Tom Cross, is looking for commercial partners to invest in what it is billed as one of the North Sea’s largest undeveloped oil projects, writes Scott Wright.
The company has launched the farm-out process for the Greater Perth Area in the Moray Firth, which holds approximately 55 million barrels of recoverable oil equivalent (MMBoe) in the core Perth field. The wider GPA project has the potential to deliver between 75 and 130 MMBoe. Parkmead holds a 100 per cent interest in the field, which is fully appraised.
The company said “significant global changes” have made it more attractive to invest in projects such as GPA. Russia’s assault on Ukraine has increased the UK Government’s focus on energy security and underlined the importance of having “robust” domestic production, it added.
Mr Cross said: “We have secured 100% of the GPA project and delivered a commercial export solution, so now is the right time to drive the project forward with a complementary industry partner. GPA is one of the North Sea’s largest undeveloped oil projects and its development would serve to increase the UK’s energy security once on-stream.”
Shares closed up 4.6 per cent at 68p.
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