BP to sell and market Ithaca North Sea oil production

Ithaca Energy and its wholly owned subsidiary Ithaca Energy (UK) have signed a five-year agreement with BP Oil International for sales and marketing of all of its qualifying oil production from the North Sea.

Offshore staff

LONDON -- Ithaca Energy and its wholly owned subsidiary Ithaca Energy (UK) have signed a five-year agreement with BP Oil International for sales and marketing of all of its qualifying oil production from the North Sea.

As part of the development of the Jacky oilfield, Ithaca previously contracted with BP for marketing and sales of oil produced to the Nigg oil terminal by Ithaca and its partners in the Beatrice and Jacky oilfields.

Ithaca and BP have now agreed to extend the arrangement to cover all Ithaca's UK oil production up to the end of 2014 (except where such production is already covered by an existing sales agreement).

The co-venturers in Jacky are Ithaca (67.275%, operator), Dyas North Sea (22.725%), and North Sea Energy (10%). The co-venturers in Beatrice are Ithaca (74.57%) and Dyas North Sea Ltd. (25.25%).

Ithaca anticipates that Jacky and Beatrice will produce approximately 10,000 b/d of oil gross during the course of the year.

03/25/2009

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