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.