Ithaca Energy sells off North Sea assets

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ITHACA Energy, the Aberdeen-based oil explorer that bought Valiant Petroleum this year, yesterday farmed out to industry partners working interests in projects linked to the assets acquired.

Ithaca has sold a 9 per cent interest in the Handcross prospect west of Shetland to Oyster Petroleum, and a 5 per cent interest to Sussex Energy.

The group has also sold a 10 per cent working interest in the Isabella prospect in the central North Sea to Euroil Exploration.

Ithaca said it had now offset the full $85m (£53m) of forecast UK exploration well commitment costs transferred with the Valiant acquisition.