Ithaca unveils plan for Stella area development

Ithaca Energy seeks to raise $150 million from a Bought Deal Offering and a Private Placement.

Offshore staff

CALGARY, Alberta -- Ithaca Energy seeks to raise $150 million from a Bought Deal Offering and a Private Placement. It intends to use the proceeds to accelerate development of the Greater Stella Area discoveries in the UK central North Sea, including the Stella, Harrier, and Hurricane fields.

Ithaca has started detailed planning for the Stella area and has initiated dialogue with the UK’s Department of Energy and Climate Change and offshore infrastructure owners to optimize the development.

The current plan calls for four oil production wells and on gas producer on Stella and two gas producers for Harrier at a total net capital expenditure of $367 million.

07/08/2010

More in Production
Umm Lulu gas treatment platform.
Global E&P