Ithaca completes acquisition, secures FPSO

Ithaca Energy and its wholly owned subsidiary Ithaca Energy (UK) have completed the acquisition of a 66.67% working interest in the Stella and Harrier Shallow discoveries.

Offshore staff

LONDON -- Ithaca Energy and its wholly owned subsidiary Ithaca Energy (UK) have completed the acquisition of a 66.67% working interest in the Stella and Harrier Shallow discoveries. The company has also secured the services of the FPSO Uisge Gorm for the development of the Athena field.

The Stella and Harrier Shallow discoveries have been acquired from joint owners Shell and Esso Exploration and Production. The initial consideration for the acquisition is $15 million, with an additional $15 million payable at the time of field development approval.

Ithaca Energy will work with the block operator and license partner, Maersk, on planning an appraisal well on the Stella discovery for drilling in the first half 2009. If this well proves successful, the company intends to fast track the project towards field development plan approval with its partner, the Department of Business Enterprise and Regulatory Reform, and other stake holders.

08/21/2008

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