Ithaca Energy Limited, a North Sea oil and gas operator, has entered into agreements to acquire all the Greater Stella Area licenses and associated infrastructure interests of Dyas U.K. Limited and Petrofac Limited in the U.K. North Sea.
As a result of the transactions, the Ithaca Energy’s pro-forma 2018 production is forecast to increase by approximately 50 percent 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.
Based on the most recent independent reserves evaluation performed by Sproule International Limited, the transactions are estimated to increase the company’s proven and probable (2P) reserves as of Dec. 31, 2017, by more than 20 million barrels of oil equivalent.
The transactions are expected to complete around the end of 2018 and are subject to customary regulatory approvals.
Ithaca Energy focuses on the delivery of lower risk growth through the appraisal and development of U.K. undeveloped discoveries and the exploitation of its existing U.K. producing asset portfolio.
