Ithaca moves into southern North Sea gas basin

Ithaca Energy has agreed to acquire a package of southern North Sea gas interests from GDF SUEZ E&P UK for $16.9 million.

Offshore staff

CALGARY, Alberta-- Ithaca Energy has agreed to acquire a package of southern North Sea gas interests from GDF SUEZ E&P UK for $16.9 million.

The transaction includes operated interests in the producing Anglia field, the undeveloped Garnet and Opal discoveries, and a non-operated share in the producing Topaz field.

Ithaca says it will look to create additional value through further development and optimization of these assets, which it says should boost net production from the UK sector by 1,000 boe/d. The company currently operates the producing Beatrice/Jacky fields in the Outer Moray Firth, with more production in prospect from the Athena and Greater Stella Area developments in the central North Sea.

Subject to regulatory approvals, Ithaca would take a 30% operating position in Anglia in blocks 48/18b, 48/19b and 48/19e. GDF SUEZ E&P UK estimates remaining net potential in the field at over 2 MMboe.

At RWE Dea’s Topaz field in blocks 49/1a and 49/2a, Ithaca would assume a 35% interest. Unlike at Anglia, Topaz’s gas is uncontracted.

Garnet, in block 44/27a, was discovered in 1986. To date one well has been drilled, with a further appraisal well drilled off structure. Ithaca is in line for a 63% controlling interest.

Finally, Ithaca would gain 53.84% interest in and operatorship of the pre-development Opal field in block 43/25a. Opal was discovered in 2005: one well has been drilled, which was sidetracked to appraise the field’s extent.


08/05/2010

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