Oil firm Dana Petroleum has snapped up a 56% stake in an asset in German waters and 40% of a Danish licence.
The value of the deal was not disclosed.
Aberdeen-based Dana said the German acquisition – currently going through the regulatory approval process – came with an operatorship option.
The Danish asset, in which PA Resources retains a 24% interest, will transfer to Dana operatorship from June 1.
Dana then plans to drill an appraisal well on the discovery, Lille John, in the final quarter of this year.
The licence is located near existing Dana-operated licences in the Netherlands
Nick Dancer, Dana Netherlands managing director, said: “I am delighted we have now formally acquired our interest in this licence from PA Resources and we will work with them to ensure a smooth transfer of the operatorship.
“We look forward, with the partnership, to the drilling of the Lille John appraisal well towards the end of the year.”
South Korean-owned Dana said its new assets comprised contingent and prospective reserves of up to 32million barrels of oil and gas equivalent.
Dana’s ambition is to become a leading international oil and gas company operating in Europe, Africa and the Middle East.
It aims to grow production significantly by investing up to £3billion over the next five years to increase the size of the company.