Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited, an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces that it has closed on its previously announced transactions with Maersk Oil and Dyas on Stella and is now operator and therefore in control of the Stella development.
Ithaca paid Maersk Oil US$10 million at this final completion of its acquisition of the entire 33.33% working interest of Maersk Oil in Stella and the undeveloped satellite discovery Harrier and 50% working interest in Hurricane. Ithaca is now operator of all assets involved in the transaction. Ithaca shall pay Maersk Oil a further US$3 million at Field Development approval and US$5 million at first oil.
At the same time, Ithaca completed its sale to Dyas of 31.67% of Stella and in doing so received $8.7 million US dollars in final cash consideration (positively adjusted for working capital) from Dyas. This achieves full and final closing of the deals agreed with Dyas in October 2008 and April 2009.
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