Ithaca Energy Acquires three UK Oil Fields

Ithaca Energy Inc. is pleased to report that, further to the announcement made on 23 June 2014, it has now completed the acquisition of the three UK producing oil field interests from Sumitomo Corporation (SSUMF) (“Sumitomo”). 

Ithaca has acquired Summit Petroleum Limited (“SPL”), a subsidiary company of Sumitomo, which holds the Cook (20.00%), Pierce (7.48%) and Wytch Farm (7.43%) field interests that have been acquired. 

The net consideration paid at completion was $163 million, taking into account working capital and net cashflows since the transaction effective date of 1 January 2014.