Ithaca Energy completes acquisition of interests in three UK producing oil fields (Scandinavian Oil-Gas Magazine)

Ithaca Energy completes acquisition of interests in three UK producing oil fields

Published Aug 4, 2014

Ithaca Energy Inc. 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.

Tags: Ithaca Energy Inc.

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