Ithaca Farms Out Beverley License to Shell

UK junior Ithaca Energy reported Monday that it is farming out to Royal Dutch Shell half of its 40-percent interest in UK license P1792, including blocks 21/30f and 22/26c (which cover the Beverley prospect), in the central North Sea.

Ithaca said the farm-out is in exchange for Shell's partial carry of Ithaca's 20-percent share of the costs of a well on the Beverley prospect. The well is required to be drilling by early 2015, according to the license terms.

As well as the Beverley prospect, the P1792 license contains the Belinda and Evelyn discoveries.

Ithaca also confirmed that an appraisal well on the Norvarg discovery, located in production license 535 in the Norwegian sector of the Barents Sea, has begun drilling. The well, operated by Total E&P Norge, is aimed at proving up the volume potential in the northeastern segment of the Norvarg closure. Drilling operations are expected to last 70 days.

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Ithaca Makes Takeover Offer for Valiant Petroleum

North Sea-focused Ithaca Energy has made a $309 million offer for Valiant Petroleum that it expects will result in the establishment of a leading mid-sized oil and gas operator in the region.

Ithaca is focused on production, appraisal and development activities in the North Sea, while Valiant has what Ithaca's management describes as "a balanced portfolio" of assets with a primary focus on the UK and Norway.

Ithaca expects that the acquisition will see a more than doubling of its current forecast for 2013 production to between 14,000 and 16,000 barrels of oil equivalent per day (boepd), increasing to approximately 27,000 boepd in 2015. It would also see Ithaca's 2P reserves double to 74 million boe.

Ithaca reported that the Valiant board of directors, which is advised by Morgan Stanley, considers the terms of the acquisition to be fair and reasonable.

Ithaca Chairman Jack Lee commented in a statement:

"This proposed acquisition represents a significant step forward in the execution of Ithaca's strategy to build a highly profitable 25kboe/d North Sea oil and gas company. The combined assets of the two groups have a strong strategic fit, with the acquisition materially increasing and broadening Ithaca's producing asset base and reserves portfolio."

Valiant Chairman Kevin Lyon added:

"We are pleased to announce Ithaca's recommended offer to our shareholders… The combination with Ithaca will create a leading North Sea oil and gas operator with a diverse production and reserves asset base from which to pursue new and exciting growth opportunities."

In a separate announcement Friday Valiant said that drilling on the Timon prospect in the northern UK sector of the North Sea, on blocks 211/11b and 211/16b, has finished and the well will be plugged and abandoned after Jurassic sands there were found to be poorly developed. Valiant has a 10-percent share in the P1633 license on which Timon is located. 

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Ithaca Makes Takeover Offer for Valiant Petroleum

North Sea-focused Ithaca Energy has made a $309 million offer for Valiant Petroleum that it expects will result in the establishment of a leading mid-sized oil and gas operator in the region.

Ithaca is focused on production, appraisal and development activities in the North Sea, while Valiant has what Ithaca's management describes as "a balanced portfolio" of assets with a primary focus on the UK and Norway.

Ithaca expects that the acquisition will see a more than doubling of its current forecast for 2013 production to between 14,000 and 16,000 barrels of oil equivalent per day (boepd), increasing to approximately 27,000 boepd in 2015. It would also see Ithaca's 2P reserves double to 74 million boe.

Ithaca reported that the Valiant board of directors, which is advised by Morgan Stanley, considers the terms of the acquisition to be fair and reasonable.

Ithaca Chairman Jack Lee commented in a statement:

"This proposed acquisition represents a significant step forward in the execution of Ithaca's strategy to build a highly profitable 25kboe/d North Sea oil and gas company. The combined assets of the two groups have a strong strategic fit, with the acquisition materially increasing and broadening Ithaca's producing asset base and reserves portfolio."

Valiant Chairman Kevin Lyon added:

"We are pleased to announce Ithaca's recommended offer to our shareholders… The combination with Ithaca will create a leading North Sea oil and gas operator with a diverse production and reserves asset base from which to pursue new and exciting growth opportunities."

In a separate announcement Friday Valiant said that drilling on the Timon prospect in the northern UK sector of the North Sea, on blocks 211/11b and 211/16b, has finished and the well will be plugged and abandoned after Jurassic sands there were found to be poorly developed. Valiant has a 10-percent share in the P1633 license on which Timon is located. 

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Ithaca Completes Cook Field Acquisition

North Sea-focused Ithaca Energy announced Tuesday that it has completed the acquisition of an additional 12.885 percent of the Cook field via the purchase of the UK-owned subsidiary of U.S. firm Nobel Energy. Ithaca now holds 41.345 percent of the field.

The completion marks the closure of part of a deal arranged by Ithaca in October to buy two subsidiaries from Noble for $38.5 million. The firms also agreed that Ithaca would gain Noble’s 14-percent interest in the MacCulloch field.

Ithaca expects both acquisitions to increase its net proven and probable reserves by 3.4 million barrels of oil equivalent.

The Cook oil field, operated by Shell, lies in Block 21/20a in the central North Sea. The field has been developed as a single well subsea tie-back to the Shell-operated Anasuria floating production, storage and offloading vessel (FPSO). This serves as a host processing facility to several nearby fields, with oil exported from the FPSO via shuttle tankers and gas via pipeline to shore.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Ithaca Completes Cook Field Acquisition

North Sea-focused Ithaca Energy announced Tuesday that it has completed the acquisition of an additional 12.885 percent of the Cook field via the purchase of the UK-owned subsidiary of U.S. firm Nobel Energy. Ithaca now holds 41.345 percent of the field.

The completion marks the closure of part of a deal arranged by Ithaca in October to buy two subsidiaries from Noble for $38.5 million. The firms also agreed that Ithaca would gain Noble’s 14-percent interest in the MacCulloch field.

Ithaca expects both acquisitions to increase its net proven and probable reserves by 3.4 million barrels of oil equivalent.

The Cook oil field, operated by Shell, lies in Block 21/20a in the central North Sea. The field has been developed as a single well subsea tie-back to the Shell-operated Anasuria floating production, storage and offloading vessel (FPSO). This serves as a host processing facility to several nearby fields, with oil exported from the FPSO via shuttle tankers and gas via pipeline to shore.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Ithaca Completes Cook Field Acquisition

North Sea-focused Ithaca Energy announced Tuesday that it has completed the acquisition of an additional 12.885 percent of the Cook field via the purchase of the UK-owned subsidiary of U.S. firm Nobel Energy. Ithaca now holds 41.345 percent of the field.

The completion marks the closure of part of a deal arranged by Ithaca in October to buy two subsidiaries from Noble for $38.5 million. The firms also agreed that Ithaca would gain Noble’s 14-percent interest in the MacCulloch field.

Ithaca expects both acquisitions to increase its net proven and probable reserves by 3.4 million barrels of oil equivalent.

The Cook oil field, operated by Shell, lies in Block 21/20a in the central North Sea. The field has been developed as a single well subsea tie-back to the Shell-operated Anasuria floating production, storage and offloading vessel (FPSO). This serves as a host processing facility to several nearby fields, with oil exported from the FPSO via shuttle tankers and gas via pipeline to shore.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here