North Sea Satellite Fields Acquired By Ithaca Energy

Published at 11:20AM - 02/08/16

Ithaca Energy has just expanded its position in the North Sea Greater Stella Area (GSA) following the acquisition of two satellite fields.

Under the four agreements signed, the company acquired additional interests in the Vorlich discovery and one operated interest in the Austen discovery.

“We are very pleased to announced this group of low cost acquisitions that further expand our core Greater Stella Area portfolio. This is in line with our “hub and spoke” strategy for maximising the value of the central infrastructure that has been put in place for the start-up of production from the Stella field,” Ithaca Energy Chief Executive Officer (CEO) Les Thomas, said.

North Sea Satellite Fields Acquired by Ithaca Energy 

The company saw its interest in the Vorlich discovery rise from approximately 17% to 33%, with additional licence interests acquired from Engie E&P, Ineos and Maersk.

As a result, Ithaca will add approximately 4 million barrels of oil equivalent (boe) of net proven and probable reserves to its portfolio.

The company also acquired a 75% interest and operatorship in the Austen discovery.

The licence acquisitions are expected to be completed in the second half of this year, with further engineering studies planned for completion before January 2019.

Ithaca Energy Gains Stakes in Two North Sea Fields

The Vorlich field is located 6 miles north of the GSA production hub and estimated to contain gross proven and probable undeveloped resources of 24 million boe.

Upon completion of the acquisition, BP will operate the P363 licence in the field with a 80% interest, while Ithaca will hold the remaining 20%.

The P1588 licence will be fully owned by Ithaca.

The Austen discovery is located 18.6 miles south east of the GSA production hub and is awaiting an independent assessment at the end of the year.

In the meantime, Ithaca estimates gross contingent resources in the range of 4-28 million boe.

Upon completion of the acquisition, Ithaca will operate the licence with a 75% interest, while Premier Oil will hold the remaining 25%.