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Challenger Minerals completes earn in to UK Stella development


Published Sep 27, 2010
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Ithaca Energy acquires Beatrice Oilfield

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited says that pursuant to the Earn In agreement signed on October 27, 2009 between Ithaca and Challenger Mineral (North Sea) Limited (CMI) the transaction has now completed.

The Earn In concerned the Stella appraisal well drilled in Q1 2010, whereby CMI has paid 27% of gross Stella appraisal costs in exchange for an 18% equity interest in the Stella and Harrier discoveries, thereby carrying a part of Ithaca's share of drilling costs. In addition, due to the successful appraisal of Stella, CMI shall now disproportionately fund a further Stella or Harrier development well.

The revised equities in the Stella and Harrier fields (Blocks 29/10a and 30/6a (Chalk Layers and Younger) are: Ithaca (50.33%), Dyas UK Limited (31.67%) and CMI (18.00%).

Tags: Ithaca Energy Inc.



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