Ithaca Energy agrees to farm-out deals with Euroil and Shell

Euroil, Shell farmin

UK-based Ithaca Energy has agreed to farm-out deals with Euroil and Shell for several North Sea blocks. Euroil, a subsidiary of Edison International, will take a 25% interest in Ithaca’s west of Shetland licenses P1631 and P1832. The licenses hold Handcross, a Palaeocene prospect in the Judd Basin. Ithaca retains 45% and operatorship with RWE Dea (20%) and Sussex Energy (10%).

Shell will take a 50% stake in production license P2048, covering blocks 29/24, 29/25, 29/29, and 29/30, leaving Ithaca with 50%. Commitments include gathering 500sq km of 3D seismic, which Shell will pay for as part of the farm-out agreement.