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Spike Exploration acquires working interest in Athena Oil Field (UK)

Spike Exploration UK Ltd (a wholly owned subsidiary of Spike Exploration Holding AS) has acquired 15% out of Dyas UK Limited’s 32.5% working interest in the Athena Oil Field. This first acquisition in the UK underpins Spike’s growth plans for the UK Continental Shelf, where the company has ambitions to become a significant exploration player.

The Athena Oil Field is located in the Outer Moray Firth Area of the UKCS, in Block 14/18b (licence P1293) The field was brought on stream in May 2012 via four production wells and one water injection well, all from a single subsea template. The wellstream is processed onboard the stand-alone FPSO, BW Athena, owned and operated by BW Offshore. Current production is just above 10,000 boe per day with the oil being shipped to the Nigg terminal.

The field is operated by Ithaca Energy (UK) Limited, holding a 22.5% working interest in the licence. Following completion of this transaction the remaining equity holders will be Dyas UK Limited 17.5%, EWE Energie AG (20%), Trap Oil Limited (15%), Zeus Petroleum Limited (10%) and Spike UK Ltd 15%.