Parkmead, a North Sea oil exploration firm, has said that it is planning to increase its stake in the established Athena oil field.

Parkmead, which is based in Aberdeen, has said that it is buying a further 20 per cent stake in the field from German outfit EWE in a deal valued at $11.2 million. The acquisition might allow the company to boost its revenue stream and fund its exploration programme. Parkmead already owns 10 per cent in the field after it acquired Lochard Energy earlier this year and the latest acquisition will triple its stake in the field.

Parkmead run by Dana Petroleum founder Tom Cross said that the increased stake in the field will allow the company to increase production revenues and operating cash flows and that it is in line with the company's strategy to become a key exploration and production player in the North Sea.

"This is Parkmead's most important deal to date. Increasing our oil production three-fold from the Athena field will deliver major growth in the company's revenue and cashflow," said Tom Cross.

The deal is expected to strengthen the company as it was awarded 30 blocks spanning eight areas in the UK's latest licensing round. Parkmead also operates the Greater Perth oil area, and has a number of exploration prospects in the Central and Southern North Sea.