Ithaca Energy confirmed it was in talks to boost its North Sea portfolio.
Ithaca Energy said its floating production facility, the FPF-1 has begun its sail away to the Stella field.
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.
Ithaca Energy today confirmed its floating production facility (FPF-1) was only two weeks away from heading to its location on the North Sea’s Greater Stella Area Development.
The chairman of Ithaca Energy is set to step down ahead of the firm achieving first oil from its flagship North Sea field.
North Sea firm Ithaca Energy said it remains on schedule to deliver first oil from its flagship Stella field in the North Sea later this year more than doubling production to 20-25,000 barrels of oil equivalent per day.
Ithaca Energy has reported a loss after tax of $121 million as result of a $203 million post-tax impairment charge arising from lower forecast future oil and gas prices.
Ithaca Energy has chipped away at its record high debt while posting strong third quarter results.
The investment arm of Israeli gas firm Delek Group has acquired an almost 20% stake in Ithaca Energy for $66million. The deal underlines investors still see value in North Sea related businesses, despite a slump in oil prices and high operating costs in the region.
Ithaca Energy said it expects to begin production from its North Sea Greater Stella field early next year.
Ithaca Energy has sold its Norwegian exploration business for $60million. MOL Plc bought Ithaca Petroleum Norge for an initial $60million price tag. However, depending on how successful the discoveries drilled on Ithaca Norge's existing licence portfolio between 2015 and 2017 are, MOL could pay future “bonus payments” of up to $30million to Ithaca.
Independent oil and gas explorer Ithaca Energy saw its share price plummet 11% on Friday after its development partner said delay in delivering a production vessel would hit its key North Sea field.