Rheochem Plc the oil and gas business with oil services, production, development and exploration assets has acquired the remaining 50% shareholding of Zeus Petroleum Limited 'Zeus' in a cashless transaction. Following this transaction, Rheochem's fully owned exploration and production subsidiary, Lochard Energy Limited, now owns 100% of Zeus.

Completion is subject to written confirmation from the UK Department of Energy & Climate Change that the Secretary of State for Trade and Industry does not intend to exercise its right to revoke any licences granted to Zeus as a result of the change of control.

Zeus has a 10% interest in Block 14/18b which contains the Athena discovery operated by Ithaca Energy. Ithaca announced on 8 Feb 2010 that the Athena Joint Venture Partners had approved the immediate purchase of long lead equipment up to the value of US$14.85 million to initiate the development of the Athena field. It expects to submit an Environmental Impact Statement and Field Development Plan in March with Government approval anticipated in July 2010.

Tags: Rheochem Ltd