Independent energy group Parkmead has reached its highest level of gas production in nearly four years thanks to its LDS-01 discovery in the Netherlands.
Production from the well has been consistent at average rates of close to the equivalent of 5,000 barrels of oil per day (boepd) since production came on-stream in the final quarter of last year, with more than 370 boepd of that attributable to Parkmead since the start of November. This has taken net production from all of Parkmead's Dutch assets to more than 430 boepd, the company's highest level of gas production since April 2020.
READ MORE: Parkmead's new gas discovery in Netherlands comes on stream
Executive chairman Tom Cross said these levels "significantly" exceed previous predictions, with further upside potential as the figures don't include gas condensate production which is reported separately. Condensate production has been boosted by LDS-01 to more than twenty times the company's previous level, which in "due course" will further boost production figures.
"We are delighted to confirm that the LDS-01 gas well has been brought onstream, on schedule and under budget, and that the early production data has demonstrated further reserves potential," Mr Cross said.
"Parkmead's Dutch gas assets continue to yield successful discoveries and enhanced production from some of the most prolific onshore fields in the Netherlands. These fields perform exceptionally well with very low operating costs."
In addition to progress in the Netherlands, Parkmead said it has also benefitted from "outstanding" operational uptime at its wholly-owned Kempstone Hill wind energy company in Aberdeenshire. Parkmead acquired Kempstone in a £4.3 million deal in February 2022.
At Pitreadie Farm near Banchory, where the company owns two large tracts of land, commercial discussions are progressing with joint venture partners on further renewable developments. Further studies, including environmental surveys and planning work, are scheduled to take place in the coming year.
Kempstone delivered record annual revenues of £700,000 in the year to the end of June 2023. Parkmead said it continues to actively seek opportunities to acquire value-adding wind and solar projects, both in production and under development, to provide further diversify its revenue stream.
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