courtesy Scotsdale

Calgary-based Oilexco has agreed to buy all the shares in Svenska Petroleum Exploration U.K. Ltd for $25 million in cash, it was learned Monday.

The move gives the Calgarians stakes in the Nelsen, Janice and James fields, including a six-percent stake in the Janice floating production storage and offloading vessel, or FPSO.

"While our primary mechanism for growth has been by the drill bit, we have always stated that we will make acquisitions that are specifically accretive to our objectives,” company chief exec, Arthur Millholland said in a statement.

Svenska had less than 1,000 barrels per day of production, but also key platform and FPSO hubs, from which to earn tariffs.

Tags: Oilexco