Ithaca Inks Earn-In Agreement on Hurricane Discovery
Ithaca Energy has agreed to farm-out a 31% stake in its Hurricane oil field to Challenger Minerals Ltd (CMI). Under the agreement, CMI will pay 40% of initial appraisal well costs in exchange for a 31% equity interest in Block 29/10b.
If the well is successfully appraised, CMI will pay 40% of gross costs of a drill stem test of any sidetrack. The transaction is subject to approval. Once approved and a rig is chosen, Ithaca anticipates that appraisal drilling will commence in 4Q11. Ithaca currently holds 100% interest in the Hurricane discovery and Block 29/10b.SubseaIQ provides focused, in-depth coverage of offshore field development activities around the world, with daily updates on hundreds of offshore fields and facilities. Click here to sign up for the free weekly email newsletter.
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Company: Challenger Minerals Inc. more info
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