Ithaca Completes UK North Sea Acquisition
Ithaca Energy and its wholly owned subsidiary Ithaca Energy (UK) Limited completed a transaction to acquire certain UK North Sea gas interests from GDF Suez E&P UK Ltd for an adjusted cash consideration of £6.7 million (approximately US$10.5 million). The adjustment accounts for free cash flow generated by strong production throughout 2010 since the effective date of January 1, 2010.
Ithaca shall, with immediate effect, assume operatorship of the Anglia field, and the Opal and Garnet undeveloped discoveries. The Company shall assume responsibility for ongoing operations and gas sales nominations with immediate effect for the Anglia field. Ithaca has also become a non-operating partner in the producing Topaz field.
Anglia and Topaz 2010 production post the completion date shall be included in the Company’s 2010 production figures. In addition, the assets shall be independently evaluated by Sproule International Limited and included in the 2010 year end reserves assessment of the Company.
On August 4, 2010, Ithaca Energy (UK) Limited, as the purchaser, announced that the Company had entered into an agreement to acquire certain UK North Sea gas interests from GDF Suez E&P UK Ltd for an unadjusted purchase price effective January 1, 2010 of £11.25 million (approximately US$16.9 million).
Under the agreement, Ithaca acquired a 30% interest in and become operator of the producing Anglia Field which is located in Blocks 48/18b, 48/19b and 48/19e of the UK North Sea gas basin. Ithaca’s gas entitlement is currently contracted for the life of the field.
Ithaca also acquired a 35% interest in the producing Topaz Field which is located in Blocks 49/1a and 49/2a in the UK Southern North Sea. Ithaca’s gas entitlement is currently sold under a contract set at the daily UK gas market price.
Ithaca has acquired a 68.33% interest in and become operator of the undeveloped Garnet Field which is located in Block 44/27a in the UK Southern North Sea. The Garnet Field was discovered in 1986 and to date one well has been drilled, and one further appraisal well has been drilled off structure.
Additionally, Ithaca has acquired a 53.84% interest in and become operator of the pre-development Opal Field which is located in Block 43/25a in the UK Southern North Sea. The Opal Field was discovered in 2005 and to date one well has been drilled which was geologically sidetracked to appraise the limits of the field.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea