Ithaca Energy Reaches Agreement With Shell in UK's Cambo Field
05 May 2023 - 5:17PM
Dow Jones News
By Michael Susin
Ithaca Energy said Friday that it has reached an agreement with
Shell regarding Shell's 30% working interest in Cambo in the U.K.
North Sea.
The oil-and-gas company said the deal provides an option for
Shell to sell to Ithaca Energy any remaining portion of its stake
not yet sold to a third party, following the conclusion of the
marketing process.
The company said that it has entered into the option to acquire
the stake at a value equating to $1.50 per barrel of oil equivalent
of the resource volume reference, upon certain conditions.
Ithaca Energy added that it will retain at least a 50% working
interest in Cambo and will remain the operator of the asset in any
scenario.
The Cambo field is the second largest undeveloped oil and gas
discovery in the U.K. North Sea, located in the West of Shetland
region.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
May 05, 2023 03:02 ET (07:02 GMT)
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