- Ithaca Energy is a Canadian oil and gas exploration, development and production company, focused on the North Sea.
- Its portfolio consists of oil assets in the Inner and Outer Moray Firth, gas and condensate assets in the Central North Sea, and gas assets in the Southern North Sea.
- Ithaca currently holds a 22.5% interest in the Athena oil discovery located in the Outer Moray Firth (block 14/18b). Ithaca has already drilled three appraisal wells on the discovery, in addition to the two pre-existing undeveloped oil wells.
- Ithaca also holds a 47.5% interest in the Jacky oil discovery in the Inner Moray Firth (block 12/21c). Following a successful appraisal well drilled by Ithaca in 2007, Jacky has been now developed as a one well subsea tieback to the Beatrice Alpha platform and is currently producing in excess of 10,000 bopd
- In addition, the Company holds a 35% interest in the Stella gas/condensate discovery in the Central North Sea (block 30/6). Stella was discovered in 1991 and partially appraised with two further wells, both of which lie at the crest of the structure and were subsequently drill stem tested. A further appraisal well down flank on the structure has been planned for later in 2009 to confirm the in place volumes and the nature of the hydrocarbons.
- Ithaca has drilled three wildcat exploration wells, two of which have been successful. Ithaca holds a 40% interest in the Polly oil discovery made in early 2008 (block 12/26c). Lying close to the Beatrice infrastructure, Polly is a near term potential tieback and is a valuable addition to the range of projects that are ongoing in and around the Beatrice Complex. In addition, the Company now holds a 16% working interest in the Carna dry gas discovery in the Southern Gas Basin of the North Sea (blocks 43/21b & 43/22c). The discovery, made in Q1 2009 is close to existing infrastructure enabling rapid development. The dry gas in Carna further diversifies the company's assets away from oil.
Apologies to be pernickety DJP, but this is a typo! McClure will add 434boepd.
Ooops - yes, quite. A big difference there and I blame a lazy finger..
I note that the deal isnt expected to complete until Q3 but will be backdated to 1st Jan 2011. The actual cash outlay may (probably will) be lower due to working cap adjustments.
Id expect more deals of a similar nature to materialise in the coming weeks and months. There must be plenty of others looking to sell off now following the Chancellor's tax moves (which I expect will be diluted in due course).
IAE has alays been a production growth story and this (these) will only add to the story IMO - very defensive, solid finances, good cashflow growth coming through and possibly now a scavenger model? Okay, its not a sexy ten bagger stock but I bought it as a replacement for Dana ast year and its delivering as planned.
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Shows the rearranging of partners...
