By Anthony O. Goriainoff

Ithaca Energy said it has agreed to buy the remaining 30% stake in the Cambo field from Shell U.K., taking its stake to 100%, subject to fiscal conditions.

The London-listed oil-and-gas company said Tuesday that the acquisition has minimal near-term cost exposure, and will give it full control over Cambo's future development.

The company said in May that it had 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.

The Cambo field is the second-largest undeveloped oil and gas discovery in the North Sea, and is located north west of the Shetland Islands.

"We are pleased to conclude the marketing process with Shell and to take full ownership of the Cambo development... We believe that Cambo has an important role to play in providing energy security and economic benefit to the U.K., while reducing overall emissions intensity," Chief Executive Alan Bruce said.

Shares at 0740 GMT were down 1.40 pence, or 0.9%, at 147.60 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

September 12, 2023 04:11 ET (08:11 GMT)

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