Parkmead has completed the previously announced acquisition of an additional 20 per cent interest in UK production licence P.1293 (Block 14/18b ALL), containing the Athena oil field, from EWE VERTRIEB GmbH (EWE).
Through Parkmead's acquisition of Lochard Energy Group PLC, completed in July 2013, the Company already holds a 10 per cent. interest in the producing Athena oil field.
This acquisition from EWE has therefore trebled Parkmead's total stake in the field to 30 per cent. and the increased interest will provide the Company with significant growth in production revenues and operating cash flows.