UK-based exploration firm Ithaca Energy has agreed farm-out deals with Edison International and Shell on North Sea blocks.
Shell is to take a 50% stake from Ithaca in production license P2048, covering central North Sea blocks 29/24, 29/25, 29/29 and 29/30, leaving Ithaca with the remaining 50%.
The license was awarded in the UK 27th Offshore Licensing Round. License commitments include obtaining 500sq km of 3D seismic data.
Shell is to pay the full cost of acquiring the seismic data as part of the farm-out agreement.
Separately, Euroil, a subsidiary of Edison International, is to take a 25% interest in Ithaca’s west of Shetland licenses P1631 and P1832, containing the Handcross prospect. Ithaca retains 45% and operatorship with RWE Dea holding 20% and Sussex Energy the remaining 10%.
Handcross is a Palaeocene prospect located in the Judd Basin. It is close to the Suilven and Tornado discoveries and 20 km from BP's Quad 204 redevelopment.
A well is due to be drilled on it in late 2013, using the Stena Carron drillship.
Handcross had been majority owned and operated by Valiant Petroleum, until its takeover by Ithaca earlier this year.
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