Ithaca has acquired Challenger Minerals (North Sea) Limited ("CMNSL"), thereby increasing its interests in the Stella/Harrier fields, obtaining a non-operated interest in the producing Broom field and access to additional undeveloped North Sea discoveries.
The Company has acquired the entire share capital of CMNSL from Transocean Drilling U.K. Limited for a consideration of US $35 million; US $25 million payable immediately and US $10 million upon approval of the Stella/Harrier Field Development Plan by the Department of Energy and Climate Change ("DECC").
Through this transaction the Company has acquired:
The full portfolio acquired by the Company is summarized as follows:
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