Ithaca Energy to buy North Sea oil fields

23rd Jun 2014 13:33

Ithaca Energy has agreed to buy interests in three UK North Sea oil fields from Sumitomo Corporation for $170m. The firm will purchase a further 20% interest in the Shell-operated Cook field, bringing its total stake up to 61.346%. The company will also acquire 7.48% in the Shell-operated Pierce oil field and a 7.43% interest in the Perenco-operated Wytch Farm oil field. The transaction is expected to be completed in the third quarter of 2014 and is subject to regulatory approvals."I am very pleased to announce the acquisition of these three high quality, long-life assets, which represent an excellent addition to the portfolio," said Chief Executive Les Thomas. "The transaction is directly in line with our strategy to further diversify and expand our producing asset portfolio. Moreover, each of the assets has clearly defined upsides that provide the opportunity to generate significant additional value."Shares rose 1.03% to 147.25p at 12:25 on Monday.RD