© BW Offshore
North Sea producer Parkmead has completed a £6.7million deal to treble its stake in the Athena field.
The rapidly-growing firm has paid £1.6million in cash to EWE for the 20% stake in the Moray Firth site, with the rest of the deal in shares.
Parkmead already had a 10% stake in the 9000 barrels a day field following its takeover of Lochard Energy last year.
“This is Parkmead’s most important deal to date, because it significantly strengthens the Group’s oil and gas production base,” said Parkmead chairman Tom Cross.
“The additional oil production from Athena will deliver major increases in revenue and cash flow at this exciting stage in Parkmead’s growth.”
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