Ithaca buys into Cook, Maclure

Ithaca Energy has agreed to pay $74.5 million to acquire interests from Hess in two producing oil fields in the UK North Sea.

Offshore staff

CALGARY, Canada -- Ithaca Energy has agreed to pay $74.5 million to acquire interests from Hess in two producing oil fields in the UK North Sea. The company will take 28.46% of the Cook field in block 21/20a, operated by Shell. Production here averaged 7,940 boe/d in 2010.

Ithaca will also receive 7.41% of the BP-operated Maclure oil field in the northern North Sea, which averaged 5,857 boe/d last year. However, production is presently suspended, as the offtake facility – Maersk’s Gryphon FPSO – is undergoing repairs to its mooring system, which broke free during a storm in February.

In addition to the cash payment, Ithaca will transfer to Hess 10% of exploration blocks 42/25b, 43/16a, and 43/21c in the southern North Sea.

Ithaca expects the transaction to go through this summer.

04/04/2011

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