Ithaca adjusts equity in west of Shetland, North Sea permits

Offshore staff

CALGARY, CanadaIthaca has agreed to farm down 6% of two licenses west of Shetland in the UK sector to Oyster Petroleum.

Licenses P1631 and P1832 (blocks 204/14c, 204/18b, and 204/19c) contain the Palaeocene prospect in the Judd basin in the west of Shetland sector of the UK continental shelf.

The drillship Stena Carron soon will spud an exploration well on Handcross.

Assuming regulatory and third party consents, Ithaca will retain a 25% operating interest in the concessions, in partnership with Edison, RWE Dea (20%), Sussex Energy, and Oyster.

In the Norwegian North Sea Ithaca has agreed to take a 10% interest from operator Total in license PL102 (F&G).

The semisubmersible Leiv Eirkisson has started drilling the Trell prospect, 20 km (12.4 mi) from the Alvheim and Heimdal offshore production centers and close to numerous discovered oil fields.

12/20/2013

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