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Ithaca Energy reaches agreement to acquire Siccar Point Energy

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Oilfield Technology,

Ithaca Energy has reached an agreement to acquire Siccar Point Energy.

The consideration of the agreement includes an upfront payment of US$1.1 billion and a series of contingent payments totalling a maximum of US$360 million (US$300 million linked to future developments and US$60 million linked to short-term realised commodity prices). The Siccar Point team and Operatorship of key UK assets will transfer to Ithaca on closing.

The transaction includes the Schiehallion and Mariner fields, both currently in the top 10 UK producing fields, an interest in the producing Jade gas field, where Ithaca is an existing partner, the Cambo and Rosebank fields, two of the largest undeveloped discoveries in the UK North Sea. The Cambo field on its own is anticipated to deliver up to 170 million boe during its 25-year operational life.

The acquisition will double Ithaca’s recoverable reserves and support production of at least 80 000 – 90 000 boe/d through the next decade.

Final investment decisions are expected on the Cambo and Rosebank fields next year.

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