Ithaca wraps up Greater Stella Area acquisitions

Ithaca Energy has completed the previously announced transactions to acquire all the Greater Stella Area (“GSA”) licenses and associated infrastructure interests of Dyas and Petrofac.

The Ithaca-operated Greater Stella Area is located in the heart of the Central Graben area of the Central North Sea, on the UK Continental Shelf.

“The acquisition materially increases the Company’s production and reserves base, while simultaneously delivering full control and flexibility over the long-term development of the GSA production hub,” Ithaca said.

Petrofac and Ithaca reached a deal in August over the sale and purchase of Petrofac’s 20% interest in the Greater Stella Area development and its 24.8% interest in the FPF1 floating production facility for a total consideration of up to $292 million.

The transaction was subject to completion of Ithaca’s acquisition of Dyas UK Limited’s 25% interest in the Greater Stella Area development and its shares in the FPF1 Company in accordance with the agreement executed by Ithaca and Dyas on the same day in August.

Ithaca previously said as a result of the transactions, its pro-forma 2018 production would increase by approximately 50% to 22,000 barrels of oil equivalent per day, with pro-forma 2018 unit operating costs forecast to reduce to approximately $18 per barrel of oil equivalent.

By obtaining full ownership of the GSA fields and also the FPF-1 floating production facility, Ithaca looks to benefit from both the value of the hydrocarbons produced from those fields as well as the income generated by the FPF-1 for the provision of host processing services for third-party production from fields such as Vorlich and any potential future satellite feeder fields.

 

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply