Ithaca secures funds for Stella

Ithaca Energy has raised C$158 million ($152 million) from its Canadian bought deal and UK private share placement.

Offshore staff

CALGARY, Alberta -- Ithaca Energy has raised C$158 million ($152 million) from its Canadian bought deal and UK private share placement.

Proceeds totalling around $150 million, alongside debt issued under the company’s new Bank of Scotland facility, will be used to fund the Greater Stella Area (GSA) development project in the UK central North Sea.

GSA comprises the Stella, Harrier, and Hurricane discoveries. Ithaca says that detailed planning for the Stella area is in progress, and the company is in dialogue with the UK authorities (DECC) and host infrastructure owners on ways of accelerating and optimizing the planned program.

The company plans to develop Stella with four oil producer wells and one gas producer, with two gas producers on Harrier. It forecasts net capex for Stella at around $288.8 million and $78.95 million for Harrier.


07/28/2010

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