Project Profile
Location: Blocks 30/6B, 30/11A and 30/12D, UK Central North Sea
Start-up Year: -
The Isabella gas condensate prospect is located on one of the largest undrilled fault blocks in the UK Central North Sea. It is believed to have prospectivity across multiple geological horizons.
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.
Operators:
Apache: Operator with 50% interest
Maersk: 30% interest
Ithaca: 10% fully carried working interest
Edison: 10% interest