UK North Sea-focused oil company Ithaca Energy has completed the acquisition of the remaining 40% stake in the Fotla offshore discovery and three exploration licenses - P.213 Area C, P.345 Area A and P.2536 - from Spirit Energy.
The acquisition brings Ithaca Energy's working interest in the Fotla discovery to 100%.
The Fotla Discovery is located in Block 22/1b of the UK North Sea in 431 ft of water, approximately 10 km southwest of the Ithaca Energy-operated Alba field.
The field was discovered in August 2021 by Ithaca Energy's drilling of the 22/1b-12 well and subsequently appraised by two sidetracks. Ithaca Energy used the WilPhoenix semi-submersible drilling rig, which was owned by Awilco Drilling at the time.
The development plans are currently being evaluated, with first production from the Fotla Discovery targeted in 2026. The conceptual field development plan consists of a subsea tieback to existing infrastructure.
Alan Bruce, Chief Executive Officer, Ithaca Energy, commented: “We are delighted to announce the completion of this acquisition which provides Ithaca Energy with full control over the pre-final investment decision work program and timing of project sanction. The deal strengthens our high-quality development portfolio and demonstrates further delivery of our clearly articulated strategy.”