In return, Hess will receive $74.5m and Ithaca’s 10% interest in each of exploration blocks 42/25b, 43/16a and 43/21c in the southern North Sea.
The Cook field, operated by Shell, lies in Block 21/20a in the central North Sea and the Maclure field, operated by BP, is located in Block 9/19 in the northern North Sea.
Gross average production from the Cook field for 2010 was 7,940 barrels of oil equivalent per day (boepd), while gross average production from the Maclure field for 2010 was 5,857boepd.
Production at the Maclure field has been temporarily suspended, after a floating production storage and offloading vessel broke some of its moorings in February 2011.
The acquisition of Maclure is subject to pre-emption within 30 days of notification of the transaction by other parties in the field.
The acquisition will be effected through a sale and purchase agreement between Ithaca and Hess and the SPA is subject to DECC and co-venturer approvals.
The acquisition is expected to be complete in the third quarter of 2011.
