Aberdeen oil and gas explorer Deo Petroleum is now officially in the hands of fledgling independent Parkmead Group.
Parkmead, also based in the Granite City, made an offer to take over Deo earlier this year in a deal worth £12.7million.
Yesterday, Deo said the deal had now completed, making the firm a wholly-owned subsidiary of AIM-listed Parkmead.
DEO has a workforce of 12 people, including six contracted employees.
DEO describes itself as focused on building a portfolio of profitable UK North Sea assets with near-term exploration potential.
When Parkmead’s offer was announced Deo said the deal would improve the deliverability of its Perth project, from which it aims to start production this year.
Recommended for you
