Ithaca, Shell strike deal on Cambo stake sale
Shell
2,531.50p
16:40 14/11/24
0.26%
6.50p
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.
FTSE 100
8,071.19
16:49 14/11/24
n/a
n/a
FTSE 350
4,459.02
16:38 14/11/24
n/a
n/a
FTSE All-Share
4,417.25
16:54 14/11/24
n/a
n/a
Ithaca Energy Inc. (DI)
110.75p
16:35 06/06/17
0.00%
0.00p
Oil & Gas Producers
7,938.55
16:38 14/11/24
0.88%
69.09
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