Exploration and appraisal

X

The Apache operated licence containing the Isabella prospect is located in the Central North Sea area of the UK Continental Shelf, close to a number of large producing field.

Ithaca acquired its interests in Isabella through the acquisition of the UK-listed company Valiant Petroleum plc in April 2013.

Isabella is a gas condensate prospect, defined as a four way dip closed structure, with the updip part stratigraphically trapped against the Jane diaper.

The licence was awarded in the 26th Offshore Licensing Round, with a commitment to drill a well by early 2015. Ithaca reduced its original 50% working interest in the licence to 10% following execution of farm-out agreements with Maersk Oil UK (March 2013) and Edison SpA (September 2013). The farm-outs mean that Ithaca is carried for its forecast share of the Isabella exploration commitment well cost and will also receive additional cash beyond the carry.

Gas Condensate Prospect
10% Working Interest
Apache (50%), Maersk (30%) & Edison (10%)
Block 30/6b, 30/11a, 30/12d
License P.1820