The company will sell a 25.34% stake in Block 29/10b, which contains the Hurricane field, with an effective date of 1 January 2011.
In return for the interest, Dyas will pay its pro-rata share of costs incurred since the effective date.
The transaction is subject to the approval of the field development plan by the UK Department of Energy and Climate Change.
Separately, Ithaca has also signed a contract letter of intent with Awilco Drilling to secure a semi-submersible rig to drill an appraisal well at Hurricane in early 2012.
