Gulf Oil and Gas accountACCOUNT

Ithaca Enters Agreements with Oyster & TOTAL

Source: www.gulfoilandgas.com 12/20/2013, Location: Europe

Ithaca Energy Inc executed an agreement with Oyster Petroleum Limited that results in further monetisation of the Handcross exploration prospect ahead of drilling the scheduled commitment well. The Company also announces that it has entered into an agreement with TOTAL E&P Norge AS to acquire a 10% non-operated interest in licence PL102 (F&G) in the Norwegian North Sea.

Handcross Exploration Well
Ithaca has entered into an agreement with Oyster Petroleum concerning UK licences P1631 and P1832 (blocks 204/14c, 204/18b and 204/19c), which contain the Handcross prospect. The agreement will result in the transfer of a further 6% working interest in the licences, thereby reducing Ithaca’s working interest from 31% to 25%. Ithaca retains operatorship of the licences.

When combined with the previously announced Handcross farm-outs, Ithaca has a fully carried interest in the exploration well that is to be drilled on the prospect and in addition will receive cash payments from the various agreements.

Handcross is a Palaeocene prospect located in the Judd Basin in the West of Shetland sector of the UK Continental Shelf. An exploration well is to be drilled on the prospect using the Stena Carron drillship, with operations anticipated to commence shortly. The results of the well will be announced once available.

Completion of the transaction is subject to normal regulatory and third party consents. Following completion of the various P1631 and P1832 transactions, the Handcross partners will be Ithaca (25%, Operator), Edison (25%), RWE Dea (20%), Sussex Energy (15%) and Oyster Petroleum (15%).

PL102 (F&G) Norwegian North Sea Farm-in
Ithaca has entered into an agreement with TOTAL to acquire a 10% non-operated working interest in licence PL102 (F&G) in the Norwegian North Sea. The licence contains the “Trell” prospect, which TOTAL has just commenced drilling using Ocean’s Leiv Eriksson semi-submersible rig. Trell lies within approximately 20 kilometres of the Alvheim and Heimdal production hubs and in proximity to a number of existing oil discoveries. Completion of the PL102 (F&G) transaction is subject to normal regulatory consents. Following completion, the licence partners will be TOTAL (40%, Operator), Petoro (30%), Centrica (10%), Det Norske Oljeselskap (10%) and Ithaca (10%). The forecast gross pre-tax cost of drilling the well is approximately $50 million (100%) or $11 million (100%) post the applicable Norwegian 78% tax refund.

Acquisitions and Divestitures News in United Kingdom >>

Brazil >>  6/1/2020 - Petrobras, following up on the release disclosed on 05/04/2020, announces the beginning of the non-binding phase regarding the sale of its stake (35...
Norway >>  6/1/2020 - Unless otherwise defined, capitalised terms in this announcement shall have the same meaning given to them on the Company’s press release dated 25 Mar...

Algeria >>  5/30/2020 - SONATRACH announces the completion of a transaction to acquire 19.10% of the shares held by the Spanish company CEPSA Holding in the Company Medgaz. W...
Brazil >>  5/29/2020 - Petrobras, following up on the release dated 08/09/2019, reports that it has completed the sale of its entire interest in seven onshore production fie...

Australia >>  5/28/2020 - Santos is pleased to announce it has completed the acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced purchase pri...
Iraq >>  5/28/2020 - Genel Energy plc ('Genel') announces that payments have been received from the Kurdistan Regional Government for oil sales during April 2020. ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.