U.K. oil and gas company Ithaca Energy has signed a sale and purchase agreement with Spirit Energy, increasing its stake for 46.25% in the Cygnus gas field for $154 million…
U.K. oil and gas company Ithaca Energy has signed a sale and purchase agreement with Spirit Energy, increasing its stake for 46.25% in the Cygnus gas field for $154 million.
The transaction, which is subject to NSTA consent, will increase Ithaca Energy's operated interest in Cygnus field to 85%.
Based on an effective date of January 1, 2025, the transaction is expected to add 23 mmboe of 2P reserves and pro forma production between 12.5 - 13.5 kboe/d in 2025, enhancing the balanced production mix of our portfolio through additional gas volumes.
Cygnus is the largest U.K. Continental Shelf gas field and a key contributor to the UK’s energy security.
Production started in 2016 with 11 wells currently producing, with three further infill wells approved, with the Valaris Norway on location with the first of the two firm wells to be spud in the second quarter of 2025.
The wells are expected to come on stream during the second half of 2025 and the first half of 2026.
The field is located in the Southern North Sea in blocks 44/11a, 44/11b and 44/12a in water
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