Parkmead Begins Site Survey at Skerryvore Oil Prospect

Parkmead announces that a site survey has begun at the Parkmead operated Skerryvore oil prospect in the UK North Sea.

Skerryvore was awarded to Parkmead under the UKCS 27th Licensing Round and is located in the Central North Sea.

It consists of two stacked prospects at Palaeocene and Chalk level. The Skerryvore Palaeocene prospect is thought to be a southerly extension of the Talbot oil discovery to the north, and the deeper Skerryvore Chalk prospect shows a similar seismic response to the neighbouring Cawdor discovery.

Parkmead owns a 30.5 per cent. stake in the Skerryvore area.

The survey will provide detailed technical information on the Skerryvore site ahead of the prospect being drilled in 2015. The Skerryvore prospect has the potential to contain up to 122 million barrels of recoverable oil on a most likely, P50 basis.

Tom Cross, Executive Chairman, commented, “Exploratory work is already underway at the exciting Skerryvore oil target. Skerryvore has the potential to add major value to Parkmead’s growing asset base.”

Press Release, September 24, 2014