Ithaca Energy to Buy Remaining Stake in Cambo Field From Shell
12 September 2023 - 6:26PM
Dow Jones News
By Anthony O. Goriainoff
Ithaca Energy said it has agreed to buy the remaining 30% stake
in the Cambo field from Shell U.K., taking its stake to 100%,
subject to fiscal conditions.
The London-listed oil-and-gas company said Tuesday that the
acquisition has minimal near-term cost exposure, and will give it
full control over Cambo's future development.
The company said in May that it had 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.
The Cambo field is the second-largest undeveloped oil and gas
discovery in the North Sea, and is located north west of the
Shetland Islands.
"We are pleased to conclude the marketing process with Shell and
to take full ownership of the Cambo development... We believe that
Cambo has an important role to play in providing energy security
and economic benefit to the U.K., while reducing overall emissions
intensity," Chief Executive Alan Bruce said.
Shares at 0740 GMT were down 1.40 pence, or 0.9%, at 147.60
pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
September 12, 2023 04:11 ET (08:11 GMT)
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