Ithaca to Divest Stake in Hurricane Field
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.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally