Oyster agrees to west of Shetland farm-ins with Ithaca

Oyster Petroleum has agreed to acquire interests in two licenses west of Shetland from Ithaca Energy.

Offshore staff

HORSHAM, UKOyster Petroleum has agreed to acquire interests in two licenses west of Shetland from Ithaca Energy.

The 9% stakes are in P.1631 and P.1832, covering blocks 204/14c, 204/18b and 204/19c, where an exploration well is due to be drilled at year-end on theHandcross prospect. It will target 150 MMbbl of reserves.

Subject to regulatory approvals, Oyster will also acquire Ithaca’s 33% interest in west of Shetland license P.2018, operated byRWE Dea covering blocks 214/24b, 214, 29a, and 214/30c, including the Ainslie prospect.

9/23/2013

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