ABERDEEN, UK -- Parkmead has agreed to buy EWE’s 20% stake in UK North Sea license P.1293 for $11.2 million.
The license covers block 14/18b which contains the producing Athena oil field. Parkmead already had a 10% interest following its acquisition last July of Lochard Energy Group.
Production at Athena, operated by Ithaca Energy, is currently restricted to 7,500 b/d of oil, following issues with downhole pumps. However, remedial measures should increase output to normal levels during 2014.