Pharis Energy Ltd is pleased to note both the OGA’s announcement of the thirty second licensing round awards and the Parkmead Group announcement of 7th September 2020.
Pharis Energy Ltd has been offered a 50% working interest in the Fynn licences to be operated by the Parkmead Group. Parkmead noted the following:
“The first of these provisional licence awards covers Blocks 14/20g & 15/16g (Parkmead 50% and operator) situated in the Central North Sea, adjacent to Parkmead’s extensive Greater Perth Area (“GPA”). These blocks contain two undeveloped oil discoveries, Fynn Beauly and Fynn Andrew, as well as an oil prospect in the Piper Formation.
Location of offered blocks
Offered blocks in pink, existing licences in yellow.
“Fynn Beauly is a very large heavy oil discovery, up-dip from the Lowlander oil field (Parkmead 100%). The entire discovery extends across a number of blocks and is estimated to contain oil-in-place of between 602 and 1343 million barrels. Blocks 14/20g & 15/16g contain a section of the discovery to the south, with oil-in-place of between 77 and 202 million barrels. The second discovery, Fynn Andrew, is wholly contained on the offered blocks and holds 50 million barrels of oil-in-place on a P50 basis.
“The proposed work programme includes seismic reprocessing and technical studies. Parkmead’s partner on the offered blocks is Pharis Energy (50% working interest).
“The addition of these blocks to Parkmead’s portfolio would add 34.4 million barrels of 2C resources to the Group.”
Steve Brown, CEO of Pharis Energy Ltd said, “We are well pleased to be offered these blocks and see considerable benefit in applying polymer flood technology to the Fynn Beauly discovery. The polymer flood approach dramatically reduces heavy oil carbon dioxide emissions per barrel and substantially improves recovery factor, applying polymer flood technology to heavy oil is the key to reconciling and delivering on the OGA’s Net Zero and MER ambitions”