Ithaca Closes Stella Transactions, Focuses On Near Term Appraisal Well

Published: 27-Nov-2009

Ithaca Energy and its wholly owned subsidiary Ithaca Energy (UK) or Ithaca, an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, has closed its transactions with Maersk Oil and Dyas on Stella and is now operator and in control of the Stella development.

Ithaca paid Maersk Oil $10m at the final completion of its acquisition of the entire 33.33% working interest of Maersk Oil in Stella and the undeveloped satellite discovery Harrier and 50% working interest in Hurricane.

Ithaca is now operator of all assets involved in the transaction. Ithaca will pay Maersk Oil a further $3m at Field Development approval and $5m at first oil.

At the same time, Ithaca completed its sale to Dyas of 31.67% of Stella and in doing so received $8.7m US dollars in final cash consideration (positively adjusted for working capital) from Dyas. This achieves full and final closing of the deals agreed with Dyas in October 2008 and April 2009, Ithaca said.

The company is currently finalising plans with its partners and contractors in order to commence the drilling of a well on the Stella discovery before the end of December.

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