SHARES in Parkmead Group dipped 5.45% in spite of strong results from the Platypus gas appraisal well.
The AIM-listed Aberdeen oil and gas company, headed by executive chairman Tom Cross, holds a 15% stake in the southern North Sea site.
The well reported a test flow rate of 27 million standard cubic feet and is now being suspended for use as a future production well.
Mr Cross 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 the significant gas field at Platypus."
Dana Petroleum, where Mr Cross was chief executive before the business was bought by the Korean National Oil Company in 2010, is the main operator with a 59% stake while CalEnergy Gas has 15% and First Oil Expro 11%.
Dana's UK managing director Paul Griffin said: "We are very happy with the conclusive results of this complex appraisal well.
"We will work with our partners to carefully analyse the data we have collected and consider development and gas export options."
Mr Griffin also confirmed the company planned to drill five wells in the North Sea and West of Shetland before the end of the year.
Parkmead's shares ended the day down 0.75p at 13p.
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