Cross ‘delighted’ as Parkmead finds success with its first North Sea well

By PETER RANSCOMBE
Published on 02/08/2012 19:41

Tom Cross, the former chief executive of Aberdeen-based Dana Petroleum, today hailed the success of his latest company’s first well in the North Sea.

Cross, who is now executive chairman at Aim-quoted Parkmead, unveiled “strong” results from its Platypus gas appraisal well in the southern North Sea, where drilling began in April.

He said: “We are delighted to report successful and conclusive results from Parkmead’s first well in the North Sea and will be working with our partners to move ahead with the development of … Platypus.

“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.”

Platypus was discovered by Dana – now owned by the Korea National Oil Corporation – in 2010. Dana has a 59 per cent stake in the well and is its operator, while Parkmead and CalEnergy Gas each have a 15 per cent holding and First Oil Expro controls the remaining 11 per cent share.