Parkmead adds to N Sea stakes

PARKMEAD, the Aberdeen-based oil and gas explorer headed by Dana founder Tom Cross, yesterday said it had completed a deal to add a clutch of prospects to its growing portfolio.

The company has acquired 20 per cent stakes in four blocks in the southern North Sea from Italian group Sorgenia E&P. The acquisitions follow a recent deal which saw it enter the neighbouring Platypus and Possum gas prospects.

Parkmead said the purchases highlighted its strategy of investing in fields and blocks where staff have an “extensive working knowledge of the assets”.

Shares closed up 0.38p at 16.88p.