Ithaca Petroleum Norge AS has entered into an agreement with Total E&P Norge AS (Total) to acquire a 10% non-operated working interest in licences PL102F & G in the Norwegian North Sea. The licences contain the Paleocene Heimdal Formation “Trell” prospect, which Total has just commenced drilling using Ocean Rig’s Leiv Eiriksson semi-submersible rig. Trell lies within approximately 20 kilometres of the Alvheim and Heimdal production facilities and in proximity to a number of existing oil and gas discoveries. Completion of the PL102F & G transaction is subject to normal regulatory consents. Following completion, the licence partners will be Total (40%, Operator), Petoro (30%), Centrica (10%), Det Norske Oljeselskap (10%) and Ithaca (10%).
Ithaca Petroleum Norge AS is renamed from Valiant Petroleum Norge AS, following a take-over of former Valiant Petroleum Inc. by Ithaca Energy plc. It comprises a broad portfolio of Norwegian exploration and appraisal assets. The company strategy is to focus in mature areas of the Norwegian Continental Shelf in order to generate proven reserves in lower risk geological locations near existing infrastructure.