Ithaca Energy scoops up $6m handful of N. Sea asset ‘bargains’

Aberdeen-based Ithaca Energy has taken advantage of depressed asset prices from the North Sea crude oil price slump in a $6 million ‘bargain’ acquisition-spree.

It has expanded its core position in the Greater Stella Area with four agreements entered into for the acquisition of additional interests in the Vorlich discovery and an operated interest in the Austen discovery as below: –

• Ithaca’s Interest in the Vorlich discovery is increased from approximately 17% to 33% with additional licence interests acquired from ENGIE E&P, INEOS and Maersk
• Approximately 4 MMboe of net proven and probable reserves have been added to its portfolio from the additional Vorlich licence interests
• Ithaca has acquired from ENGIE a 75% interest and operatorship of the Austen discovery, which lies approximately 20 miles from the Greater Stella production hub

Ithaca Chief Executive Les Thomas commented: “We are very pleased to announce this group of low-cost acquisitions that further expand our core Greater Stella Area portfolio. This is in line with our “hub and spoke” strategy for maximising the value of the central infrastructure that has been put in place for the start-up of production from the Stella field.”