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Ithaca Energy expands footprint in the Greater Stella Area

Tue, 02nd Aug 2016 15:53

(ShareCast News) - Ithaca Energy took another step in its 'hub and spoke' strategy in the Greater Stella Area of the North Sea after signing four agreements to acquire further interests in the Vorlich and Austen discoveries.In parallel, the company had completed the majority of the deep water marine marine system trials for its FPF-1 floating production facility.The transactions announced on Tuesday held the potential to help extend the life of the company´s facilities."We are very pleased to announce this group of low cost acquisitions that further expand our core Greater Stella Area portfolio. This is in line with our "hub and spoke" strategy for maximising the value of the central infrastructure that has been put in place for the start-up of production from the Stella field," said Les Thomas, the company´s chief executive officer.The oil and gas explorer announced the purchase of an increased stake in Vorlich - taking its overall interest from 17% to 33% - via agreements inked with ENGIE E&P, INEOS and Maersk to acquire block P1588.BP held an 80% operator interest in another licence, P363, which contained the bulk of the Vorlich discovery and Ithaca the remaining 20%.That transaction would add another approximately 4m barrels of oil equivalent in net proven and probable reserves to its portfolio and leave Ithaca as the sole operator, Ithaca said in a statement.The Greater Stella Area was located in the heart of the Central Graben region of the Central North Sea, on the UK continental shelf.AIM-listed Ithaca also bought a 75% interest and operatorship in the Austen discovery, an oil and gas condensate field which lay 30 kilometres from the GSA production hub. Premier Oil held the remaining 25% stake.FPF-1 was to be deployed to the Stella field once its trials were completed."Extending the life of the facilities through acquisition of additional volumes is important to maximise the value of what is now the company's core area. We will incorporate the impact of these acquisitions into our valuation shortly, but in the meantime maintain our 64p target price and Hold recommendation," Peel Hunt analyst James Carmichael said in a research note sent to clients.Shares in Ithaca Energy finished the session 1.77% lower at 55.50p.
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14 Mar 2024 15:06

UK earnings, trading statements calendar - next 7 days

Friday 15 March 
Berkeley Group Holdings PLCTrading Statement
Volution Group PLCHalf Year Results
Monday 18 March 
Marshalls PLCFull Year Results
Seeing Machines LtdHalf Year Results
Serinus Energy PLCFull Year Results
SigmaRoc PLCFull Year Results
Team Internet Group PLCFull Year Results
Tuesday 19 March 
Atalaya Mining PLCFull Year Results
Close Brothers Group PLCHalf Year Results
DFS Furniture PLCHalf Year Results
Eagle Eye Solutions Group PLCHalf Year Results
Essentra PLCFull Year Results
Fintel PLCFull Year Results
Litigation Capital Management LtdHalf Year Results
Midwich Group PLCFull Year Results
Mpac Group PLCFull Year Results
MP Evans Group PLCFull Year Results
Pebble Group PLCFull Year Results
Personal Group Holdings PLCFull Year Results
Sabre Insurance Group PLCFull Year Results
Staffline Group PLCFull Year Results
Tissue Regenix Group PLCFull Year Results
Trustpilot Group PLCFull Year Results
Yu Group PLCFull Year Results
Zotefoams PLCFull Year Results
Wednesday 20 March 
Computacenter PLCFull Year Results
EKF Diagnostics Holdings PLCFull Year Results
Eurocell PLCFull Year Results
FDM Group PLCFull Year Results
Investec PLCTrading Statement
Kenmare Resources PLCFull Year Results
Prudential PLCFull Year Results
VietNam Holding LtdHalf Year Results
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Centamin PLCFull Year Results
Direct Line Insurance Group PLCFull Year Results
Dowlais Group PLCFull Year Results
Energean PLCFull Year Results
Gulf Keystone Petroleum LtdFull Year Results
Hostelworld Group PLCFull Year Results
Ithaca Energy PLCFull Year Results
M&G PLCFull Year Results
National World PLCFull Year Results
Next PLCFull Year Results
Secure Trust Bank PLCFull Year Results
Tribal Group PLCFull Year Results
  
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Ithaca Energy CEO Alan Bruce steps down

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IN BRIEF: Ithaca Energy acquires remaining Fotla Discovery stake

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