Dyas Sells Athena Field Stake to Trapoil

Trapoil , the UK-based, independent oil and gas exploration and appraisal company focused on the UK Continental Shelf (“UKCS”) region of the North Sea, on 16 March 2012 agreed to acquire a 15 per cent working interest in the Athena Oil Field from Dyas UK Limited.

The transaction valued at £34.5 million ($54.6 million) is subject to Department of Energy and Climate Change (“DECC”) and Dyas’ partners’ approvals, for a total cash consideration of approximately £34.5 million.

The Athena field is situated in block 14/18b in the Outer Moray Firth area of the UKCS, lying approximately 18 kilometres west of the Claymore and Scapa fields and the associated production facilities.

First production from the field is yet to occur. Hydrocarbons produced at Athena will be transported from the BW Athena FPSO by shuttle tankers to the onshore Nigg storage facility, operated by Ithaca Energy.

Ithaca Energy (UK) Limited (“Ithaca”) is the operator and currently holds a 22.5 per cent. interest in the Block. Following completion of the acquisition, the remaining equity holders in Athena will comprise Dyas (retaining a 32.5 per cent. interest as the largest equity holder), EWE Energie AG (20 per cent.) and Lochard Energy Group plc’s wholly owned subsidiary, Zeus Petroleum Limited (10 per cent.).

Mark Groves Gidney, Chief Executive Officer of Trapoil, commented:

“Athena represents the game changing, cash generative production deal that we have been pursuing since our IPO. The Company is now well positioned to achieve its mission of becoming a significant, well rounded, independent, UKCS focused oil and gas business.”

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Offshore Energy Today Staff, March 19, 2012