Lochard Energy Group reported that its 100% owned subsidiary Zeus Petroleum Limited has signed Farm Out Agreements with Petroleum Geo-Services or its designated affiliate to transfer a 40% stake in six North Sea blocks (16/8c, 3/5, 3/10c, 9/17b, 9/22b and 14/17) in return for access to 3D seismic data and associated seismic interpretation and engineering expertise over these blocks. The agreement is subject to certain conditions and UK Government approval.

Haydn Gardner, chief executive officer of Lochard Energy Group Plc said: "We are pleased to finalise the heads of agreement which was previously announced on 5 April 2011. We will now fast track the evaluation of these blocks and look forward to working with PGS on these exciting discoveries and prospects."

Tags: Lochard Energy Group