Ithaca Completes Acquisition of Three UK Producing Oil Fields
Ithaca Energy Inc. reports that, further to the announcement made on 23 June 2014, it has now completed the acquisition of the three UK producing oil field interests from Sumitomo Corporation (“Sumitomo”).
Ithaca has acquired Summit Petroleum Limited (“SPL”), a subsidiary company of Sumitomo, which holds the Cook (20.00%), Pierce (7.48%) and Wytch Farm (7.43%) field interests that have been acquired.
The net consideration paid at completion was $163 million, taking into account working capital and net cashflows since the transaction effective date of 1 January 2014.
The acquisition further broadens the Company’s producing asset base with high quality, long-life oil assets, delivering a step-up in reserves and accelerating monetisation of existing UK tax allowances.
Press Release, August 01, 2014