Ithaca, Shell strike deal on Cambo stake sale

Ithaca Energy on Friday said it had struck a deal with Shell to market the latter’s 30% stake in the giant Cambo North Sea oil and gas prospect.

Shell will be able to sell all or part of its current stake. Ithaca will be eligible to buy and part of Shell’s holding not sold to a third party.

If any buyer wants more than 30% of the field, Ithaca would be prepared to sell up to 19.99% of its interest.

In all the sale scenarios, Ithaca would retain at least 50% of Cambo and remain the asset's operator, the company said.

Reporting by Frank Prenesti for Sharecast.com