Ithaca boosts its share in Greater Stella Area North Sea finds

Costs to drop for Ithaca as well set for start
Ithaca news

Ithaca Energy has extended its position in the Greater Stella Area (GSA) with four agreements entered into for the acquisition of additional interests in two discoveries.

The company has increased its stake in the Vorlich area from 17% to 33% with additional licence interests acquired from Engie E&P, Ineos and Maersk.

It has also taken a 75% interest in the operatorship of the Austen discovery which lies 30kilometres from the GSA production hub.

Total acquisition costs including potential future contingent payments of under $6million.

Les Thomas, chief executive, said:”We are very pleased to announce this group of low cost acquisitions that further expand our core Greater Stella Area portfolio. This is in line with our “hub and spoke” strategy for maximising the value of the central infrastructure that has been put in place for the start-up of production from the Stella field.”