Aberdeen-based independent oil firm Ithaca Energy has sold off a further stake in its Handcross interest – after snapping up a working share of the Trell North Sea prospect.
Ithaca, operator of the Handcross prospect in the West of Shetland Judd Basin, said it had sold a 6% stake in the operation to Oyster Petroleum.
The deal, for an undisclosed sum, reduces Ithaca’s stake in the prospect to 25%, but will see the costs of the forthcoming exploration well on the site fully covered.
The Stena Carron drillship is due to begin drilling on the prospect in the near future.
The farm-out comes as Ithaca confirmed it had farmed to Total’s Trell propsect in the Norwegian North Sea.
Work on the field, close to the Heimdal production hub, has recently been started by the Leiv Eriksson rig, with Ithaca taking a 10% stake.