Shares of Aberdeen-based oil and gas firm Parkmead rose about 10% after it said it increased its stake in the Perth and Dolphin oil fields it operates in the UK Central North Sea. 

Parkmead has increased its equity in the licences to 60.05%.

“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,” said Parkmead.

“Through a series of licensing round successes and strategic acquisitions, Parkmead has established an important position for itself in this area of the North Sea …

“As a result of this latest move, Parkmead has increased the group’s total proved and probable reserves by 19% from 23.5 to 27.9 million barrels of oil equivalent.”

This transaction follows Parkmead’s recent acquisition of an additional 50% equity in the Polecat and Marten fields, announced on August 10, 2016.

Tom Cross, Parkmead’s executive chairman, said: “We are delighted to have increased our stake in the Perth and Dolphin oil fields, which significantly increases Parkmead’s oil reserves by some 19%.

“This growth step strengthens Parkmead’s asset base in the centre of the Company’s major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea. 

“Parkmead is working intensively to evaluate and execute further value-adding opportunities in its core areas of the UK and Netherlands.“