Ithaca taking control of North Sea Greater Stella Area

Ithaca Energy has agreed to purchase all interests held by Petrofac and Dyas UK in the Greater Stella Area licenses and associated infrastructure in the UK central North Sea.

Offshore staff

ABERDEEN, UKIthaca Energy has agreed to purchase all interests held by Petrofac and Dyas UK in the Greater Stella Area licenses and associated infrastructure in the UK central North Sea.

The transaction is expected to be completed in 1Q 2019.

Petrofac, which has a 20% interest in the Greater Stella Area development and a 24.8% stake in theFPF1 floating production platform, estimated the price for its transaction as up to $292 million.

The terms include a revision and rescheduling of Ithaca’s existing $140 million deferred payments to Petrofac that resulted from completion of the modifications to the platform.

In addition, Ithaca gains Dyas’ interests in the Ithaca-operated (non-producing) Jacky and Athena licenses.

The company also plans to make theFPF-1 available for the provision of host processing services for third-party production from fields such as BP’s Vorlich (already agreed).

Asset

License

Dyas Interest

Petrofac Interest

Ithaca Interest Post Transactions

FPF-1 Limited

-

25.34%

24.8%

100%

Stella / Harrier

P.011

25.34%

20%

100%

Hurricane

P.1665 / P.2190

25.34%

20%

100%

Jacky

P.1392

47.5%

-

100%

Athena

P.1293

17.5%

-

40%

08/24/2018

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