The oil field, operated by Shell, lies in Block 21/20a, and Ithaca’s share of production is sold to a unit of Shell Trading International based on the monthly average Brent oil price.
At completion of the acquisition, Ithaca paid an adjusted cash consideration of $57m and transferred to Hess a 10% interest in three southern North Sea exploration blocks.
Ithaca said it is also entitled to an oil inventory of about 185,000 barrels, and this inventory is expected to be lifted and sold in the fourth quarter of this year.
