Ithaca agrees to terms for Valiant takeover
Ithaca Energy has agreed to acquire fellow North Sea independent Valiant Petroleum for $309 million.
Ithaca Energy (UK) has various production interests in the UK central North Sea, including the currentGreater Stella Area development.
Valiant, formed in 2004, has a spread of primarily in the UK and Norway offshore production, development, and exploration assets.
Assuming approval for the takeover from Valiant’s shareholders, Ithaca would emerge with 2P reserves of 74 MMboe, of which about half are in currently producing assets. It would additionally double its forecast 2013 production to 14-16,000 boe/d, and increase further to 27,000 boe/d in 2015.