The Fotla Discovery, operated by Ithaca Energy, is located in Block 22/1b of the UK North Sea in 431 ft of water, approximately 10 km southwest of the Ithaca Energy operated Alba field
Ithaca Energy completes acquisition of remaining stake in Fotla discovery and three exploration licenses. (Credit: Wonita or Troy Janzen from Pixabay)
Ithaca Energy (LON: ITH) is pleased to announce the successful completion of its acquisition of the remaining 40% stake in the Fotla Discovery and three exploration licences (P.213 Area C, P.345 Area A and P.2536), previously announced on 12 July 2023, from Spirit Energy. The acquisition brings the Group’s working interest in the Fotla Discovery to 100%.
The Fotla Discovery, operated by Ithaca Energy, is located in Block 22/1b of the UK North Sea in 431 ft of water, approximately 10 km southwest of the Ithaca Energy operated Alba field. The field was discovered in August 2021 by the Group’s drilling of the 22/1b-12 well and subsequently appraised by two side-tracks. As previously stated, development plans are currently being evaluated, with first production from the Fotla Discovery targeted in 2026. The conceptual field development plan consists of a subsea tieback to existing infrastructure.
Alan Bruce, Chief Executive Officer, Ithaca Energy, commented: “We are delighted to announce the completion of this acquisition which provides Ithaca Energy with full control over the pre-final investment decision work programme and timing of project sanction. The deal strengthens our high-quality development portfolio and demonstrates further delivery of our clearly articulated strategy.”
Source: Company Press Release