Parkmead today announced the completion of drilling activities at the LDS-01 well in the Netherlands which has encountered gas columns in the primary target horizons. The well has been completed and is now ready for tie-in to production, which will follow the conclusion of the LDS-02 well.

The LDS-01 well was the first of the two-well campaign on the Drenthe VI concession targeting several onshore gas prospects. This first well was drilled to a depth of 2225m TVDSS, successfully encountering gas at multiple intervals.

The Drilltec Synergy 2 rig has subsequently spudded the LDS-02 well.

Tom Cross, Executive Chairman, commented:
“We are delighted to announce a gas discovery from the first well of the two-well LDS drilling campaign. The immediate proximity to production infrastructure allows for an extremely short tie-in period, and we expect first gas to be onstream within the first quarter of this year. This will provide Parkmead with immediate net production and cashflow.

The discovery at LDS-01 significantly de-risks follow-on prospects that the LDS-02 well is targeting on the Drenthe VI concession.

Parkmead’s assets in the Netherlands continue to yield additional gas discoveries and so enhance production from this prolific onshore region. Parkmead’s existing onshore gas fields are performing exceptionally well, with very low operating costs of less than $9 per barrel equivalent due to astute financial and operational discipline.”

Netherlands onshore

Parkmead holds equity in four licences in the Netherlands which include; four producing gas fields, three oil & gas developments and a number of exploration prospects.

Gas is currently produced from the Brakel, Grolloo, Geesbrug and Diever West fields. Diever West was successfully discovered in September 2014 and found a significant 157 foot gas column, with both net pay and porosity values that have exceeded pre-drill expectations. The field achieved first gas in November 2015, just 14 months after discovery. Production from Diever West has performed above expectations and averaged approximately 48.1 mmscf per day (8,293 boe per day) during H2 2018.

Parkmead acquired its Netherlands portfolio from Dyas B.V. in March 2012 (completed in August 2012). The acquisition marked a significant milestone for Parkmead by adding the first producing assets into the company within one year of establishing the oil and gas team.

KeyFacts Energy: Parkmead Group Netherlands country profile   l   KeyFacts Energy: Discovery news