Ithaca has agreed to divest an interest in the Hurricane field to Dyas UK Limited ("Dyas"). The Company has also signed a contract letter of intent to secure a rig for drilling of the Hurricane appraisal well in early 2012.
The Company has signed an agreement with Dyas to divest a 25.34% interest in Block 29/10b, which contains the Hurricane field, with an effective date of 1 January 2011. In consideration for the interest, Dyas will pay its pro-rata share of costs incurred since the effective date. This transaction should be considered within the context of all transactions announced by the Company today. The transaction is subject to the submission for approval of a Stella / Harrier Field Development Plan to the Department of Energy and Climate Change ("DECC").
Hurricane Appraisal Well Rig Commitment
The Company has signed a rig contract letter of intent with Awilco Drilling plc to provide a semisubmersible drilling unit for the drilling of an appraisal well and performance of a well test on Hurricane commencing in Q1-2012. The Company intends to manage the drilling of the well through turnkey arrangements.
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