Ithaca Completes Cook Field Acquisition

North Sea-focused Ithaca Energy announced Tuesday that it has completed the acquisition of an additional 12.885 percent of the Cook field via the purchase of the UK-owned subsidiary of U.S. firm Nobel Energy. Ithaca now holds 41.345 percent of the field.

The completion marks the closure of part of a deal arranged by Ithaca in October to buy two subsidiaries from Noble for $38.5 million. The firms also agreed that Ithaca would gain Noble’s 14-percent interest in the MacCulloch field.

Ithaca expects both acquisitions to increase its net proven and probable reserves by 3.4 million barrels of oil equivalent.

The Cook oil field, operated by Shell, lies in Block 21/20a in the central North Sea. The field has been developed as a single well subsea tie-back to the Shell-operated Anasuria floating production, storage and offloading vessel (FPSO). This serves as a host processing facility to several nearby fields, with oil exported from the FPSO via shuttle tankers and gas via pipeline to shore.
 

 

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