Ithaca Energy (LON:IAE) has won a legal wrangle with private company North Sea Energy (UK) over precisely who was responsible for funding work on the Jacky 103 well in the North Sea.
The court action dates back to December 2010 when North Sea Energy said it was seeking to withdraw from investing in the Jacky J03 well. Ithaca responded by commencing proceedings in the Commercial Court of the High Court of Justice in London for a declaration that the well was a joint operation.
That court has now handed down judgment in favour of Ithaca and confirmed that the Jacky J03 well was drilled as a “Joint Operation” under a joint operating agreement. Accordingly, North Sea Energy remains obliged to contribute to the well costs in accordance with its field equity of 10 percent.
NSE has not requested leave to appeal the judgment and has been ordered to pay Ithaca’s legal costs of the proceedings.
