Maclure partners block sale to Ithaca

Ithaca Energy has had to adjust its recent sale and purchase agreement with Hess concerning field interests in the UK North Sea.

Offshore staff

CALGARY, Canada -- Ithaca Energy has had to adjust its recent sale and purchase agreement with Hess concerning field interests in the UK North Sea.

Hess had agreed to swap interests in the Cook and Maclure fields in exchange for 10% of three of Ithaca’s blocks in the southern gas basin, plus a cash consideration. However, the Maclure co-venturers exercised their rights to pre-empt the transaction.

The remaining part of the deal will go ahead, with Ithaca gaining 28.64% of Cook and now paying Hess $62.5 million. Cook is a producing field with remaining proved/probable reserves net to Ithaca of 5.75 MMboe (as at Jan. 1, 2011).

In the UK central North Sea, Ithaca has contracted Aberdeen-based EPC Offshore to provide specialist support for its Greater Stella Area development.

Under the initial phase, EPC will assist with the concept selection process spanning floating production, subsea, and pipeline solutions for the development of Stella, Harrier and, potentially, the Hurricane prospect’s reservoirs.

A 10-strong team will be involved in the £1-million ($1.6 million) contract.

05/16/2011

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