Ithaca Energy sells 20% of UK license P1792 to Shell

5/14/2013

Ithaca Energy sells 20% of UK license P1792 to Shell

BY IAIN PACKHAM

LONDON -- Ithaca Energy said it has agreed to sell Shell half of its 40% non operated interest in United Kingdom license P1792, covering blocks 21/30f and 22/26c in the Central North Sea in exchange for a partial carry of Ithaca's 20% share of the costs of a well on the Beverley prospect, with the license terms requiring the well to be drilled by early 2015.

Ithaca said it will continue to pursue farm outs and divestments of its existing United Kingdom exploration license interests to further minimize exploration expenditure, whilst continuing to be exposed to the potential upside associated with several high impact wells.

An appraisal well (7225/3-2) on the Norvarg discovery, located in PL535 in the Norwegian sector of the Barents Sea, has started.

The well, operated by Total, is being drilled to prove up the volume potential in the north eastern segment of the Norvarg closure.

Drilling operations, not including testing, are anticipated to last for at least 70 days.

Dow Jones Newswires

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