Oil and gas producer Ithaca Energy has completed its acquisition of the remaining 30% stake in Cambo from Shell, taking its stake in Cambo to 100%, it said November 30. The transaction was announced September 12: the stake in the UK’s second largest undeveloped field had been offered to third parties since the summer, following Shell’s decision not to proceed with the project in late 2021.
In its stock exchange statement, Ithaca said the acquisition has minimal near-term cost exposure, with the consideration payable on the earlier of (i) first oil; and (ii) the receipt of proceeds of any subsequent sale of a working interest in Cambo by Ithaca Energy; and is subject to Ithaca Energy proceeding with final investment decision (FID) and/or the upstream regulator North Sea Transition Authority granting development consent.
CEO Alan Bruce said Ithaca was “now in a stronger position to engage with potential farm-in partners to enable the future progression of the project to FID.”
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