By Michael Susin

Ithaca Energy said Friday that it has reached an agreement with Shell regarding Shell's 30% working interest in Cambo in the U.K. North Sea.

The oil-and-gas company said the deal provides an option for Shell to sell to Ithaca Energy any remaining portion of its stake not yet sold to a third party, following the conclusion of the marketing process.

The company said that it has entered into the option to acquire the stake at a value equating to $1.50 per barrel of oil equivalent of the resource volume reference, upon certain conditions.

Ithaca Energy added that it will retain at least a 50% working interest in Cambo and will remain the operator of the asset in any scenario.

The Cambo field is the second largest undeveloped oil and gas discovery in the U.K. North Sea, located in the West of Shetland region.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

May 05, 2023 03:02 ET (07:02 GMT)

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