Ashurst has advised EWE Vertrieb GmbH on the sale of its 20 per cent. interest in North Sea UK Seaward Production Licence P.1293 (Block 14/18b ALL) which includes the Athena Field.

The buyer is Parkmead (E&P) Limited, a direct subsidiary of The Parkmead Group, who are listed on the AIM Market of the LSE. The sale was made for a total consideration of US$11,200,000 which consisted of US$8,000,000 in cash (adjusted down to US$2,678,883.89 on completion) and US$3,200,000 in shares in The Parkmead Group.

The Ashurst team included partners Geoffrey Picton-Turbervill and Martin Kudnig, senior associate Julia Derrick and associates Tim Kennedy and Jerome Basdeo (all London-based members of Ashurst's oil and gas team).

Geoffrey Picton-Turbervill commented:

"Having worked with EWE on previous transactions, we are delighted to have been able to work with EWE again on its divestment of its interest in Licence P.1293, and we look forward to supporting them on future transactions."