Ithaca Energy set to drill Stella well in December after closing transactions
30 November 2009
Oil and gas group Ithaca Energy is planning to drill an appraisal well on its Stella discovery in the North Sea before the end of December after completing a deal that gives it operatorship of the project.
In a move that was first announced in October, the Canadian exploration and production group has paid Maersk Oil US$10 million for an extra 33.33% working interest in Stella and the undeveloped satellite discovery Harrier and 50% working interest in Hurricane.
In a connected agreement that was arranged with Dutch group Dyas in October 2008, Ithaca has now sold on a 31.67% interest in Stella in return for US$8.7 million.
The deal with Dyas was part of a portfolio-wide arrangement struck during difficult market conditions and at a time when Ithaca was keen to raise cash to fund its development work on the Beatrice and Jacky oilfields. It involved selling a 25.25% stake in its assets for £40 million (US$65.6 million). Today’s agreement completes that transaction.
As a result, Ithaca is now operator of all assets involved in the Maersk Oil transaction and holds a 50.33% stake in Stella and Harrier and a 100% stake in Hurricane. As part of the agreement, it will pay Maersk Oil a further US$3 million at Field Development approval and US$5 million at first oil.
In order to reduce its exposure to the costs of drilling the appraisal well on Stella, Ithaca has agreed an earn-in with Challenger Minerals (North Sea), which will pay 27% of the gross costs in exchange for an 18% equity interest in the Stella and Harrier discoveries.
|
Relevant Companies
For more company information click below:
Headlines
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
05 March 2010
05 March 2010
05 March 2010
05 March 2010
05 March 2010
05 March 2010
05 March 2010
05 March 2010
04 March 2010
04 March 2010
04 March 2010
04 March 2010
04 March 2010
» See all News
Features
11 March 2010
08 March 2010
05 March 2010
05 March 2010
03 March 2010
03 March 2010
02 March 2010
02 March 2010
26 February 2010
25 February 2010
23 February 2010
22 February 2010
19 February 2010
18 February 2010
17 February 2010
16 February 2010
» See all Features
Round-Ups
05 March 2010
05 March 2010
28 February 2010
26 February 2010
26 February 2010
21 February 2010
19 February 2010
19 February 2010
14 February 2010
12 February 2010
12 February 2010
05 February 2010
29 January 2010
29 January 2010
22 January 2010
15 January 2010
Popular
11 March 2010
10 March 2010
11 March 2010
11 March 2010
11 March 2010
10 March 2010
11 March 2010
10 March 2010
11 March 2010
11 March 2010
10 March 2010
05 March 2010
08 March 2010
09 March 2010
09 March 2010
09 March 2010
|