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Parkmead Group reports strong results from Platypus gas field in North Sea

Published: 17:55 02 Aug 2012 AEST

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Parkmead Group (LON:PMG) today reported strong results from its Platypus gas appraisal well in the North Sea, which recorded a test flow rate of 27 million cubic feet of gas per day (mmcfpd).

Well 48/1a-6 was spudded in April and reached a total measured depth of 14,175 feet on June 19 having successfully drilled a 3,100 foot horizontal section within the reservoir.

A drill stem test was conducted on July 23 and the well is currently being suspended for use as a future production well.

“We will be working with our partners to move ahead with the development of the significant gas field at Platypus,” said executive chairman of Parkmead Tom Cross.

“This is a very exciting time for Parkmead as the Group's oil and gas portfolio continues to grow rapidly, giving Parkmead a balanced asset base of production, development, appraisal and exploration opportunities.”

The Dana Petroleum-operated Platypus gas field was discovered in 2010 when well 48/1a-5 encountered significant gas bearing Lower Leman Sandstone reservoir.

Parkmead holds a 15 per cent interest in the field, while Dana has a 59 per cent interest and First Oil Expro and CalEnergy Gas hold stakes of 11 and 15 per cent respectively.

 

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