Parkmead increased its stake in the Perth and Dolphin oil fields in the U.K. Central North Sea, according to a Sept. 14 press release.

The Perth and Dolphin fields are located across Blocks 15/21 A, B, C and F and 14/25A in licenses P.218, P.588 and P.2154.

Parkmead increased the equity in these licenses to 60.05%. The company is operator for both fields, and they are at the core of Parkmead's major Perth-Dolphin-Lowlander (PDL) oil hub project.

Perth and Dolphin are located in the prolific Moray Firth area of the UK Central North Sea, which contains significant oil fields such as Piper, Claymore and Tartan.

Perth and Dolphin are two sizeable Upper Jurassic Claymore sandstone accumulations that have tested 32 degree API to 38 degree API oil at production rates of up to 6,000 barrels of oil per day (Mbbl/d) per well.

By increasing its stake in these fields, Parkmead increased its total proved and probable (2-P) reserves by 19% to 27.9 MMboe. The previous reserves were 23.5 MMboe.

This transaction follows Parkmead's recent acquisition of an additional 50% equity in the Polecat and Marten fields. Given their close proximity to PDL, they could be jointly developed as part of the Greater PDL Area project, the company said.

PDL is one of the largest undeveloped oil projects in the North Sea. During 2014, a joint development study was carried out to assess the potential of a development of the Lowlander Field with Perth and Dolphin. The analysis indicated that a joint development of the three fields could significantly increase the value of the Perth area project.

The three fields have been fully appraised, with a combined total of 13 wells drilled, and contain more than 400 MMbbl of oil in place. It is expected that recoverable reserves from the PDL oil hub development will be more than 80 MMbbl of oil, which is double the initial recoverable reserves of the Perth field as a standalone project, U.K.-based Parkmead said.

Offshore