UK oil and gas junior Parkmead Group reported Monday that it had trebled its oil production from the North Sea's Athena field by acquiring a further 20-percent interest in UK production license P.1293 (Block 14/18b).
Parkmead signed a deal with EWE Vertrieb to acquire the stake, which adds to the 10 percent the firm already held through its July 2013 acquisition of Lochard Energy Group. Parkmead is paying $11.2 million for the asset.
Parkmead said Athena averaged approximately 9,000 barrels of oil per day during the second quarter of 2013, while it is currently producing at a reduced rate of approximately 7,500 bopd due to some operational issues with pumps. The firm added that there is a work program planned for 2014 to increase production back up to normal levels.
Parkmead Executive Chairman commented in a company statement:
"This is Parkmead's most important deal to date. Increasing our oil production three-fold from the Athena field will deliver major growth in the company's revenue and cash flow."
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