Parkmead Buys 20% of Athena Field
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."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.