Parkmead strikes gas in the Netherlands

24th Sep 2014 08:25

Oil & gas explorer Parkmead Group has struck gas in the Netherlands.Parkmead said its Diever 2 well in the Drenthe 3b production licence had found a better-than-expected significant 157 foot gas column.Parkmead's co-venturers in the licence are operator Vermilion Energy, NAM and EBN.It also said it had begun a site survey at the Parkmead-operated Skerryvore oil prospect in the Central North Sea, which could contain up to 122 million barrels of recoverable oil.Executive chairman Tom Cross said: "We are delighted to report that a discovery has been made at Diever West. This new field provides an excellent, additional near-term production opportunity for Parkmead."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."Shares rose 11p or 5% to 226p at 08:37 in London.