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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.

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