The Parkmead Group Plc has taken full control of the Sanda exploration prospects in the West of Shetland region of the UK continental shelf increasing its stake from 56% to 100%.
Sanda North and Sanda South are both seen as large Palaeocene prospects which are estimated to have potential for some 280million barrels of recoverable oil.
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Tom Cross, Parkmead executive chairman said “We are delighted to have nearly doubled our stake in the very large Sanda North and Sanda South prospects, which have the potential to add major value to the company.”
“The West of Shetland is an area that we understand well, and this increased stake further builds on the strength of Parkmead’s asset portfolio in the UK.”