Aberdeen-based oil firm Ithaca Energy has agreed to sell licences containing the onshore UK Wytch Farm field for £38million.
Ithaca, taken over last year by Israeli company Delek Group, said the sale to Verus Petroleum released it from an £11.5million letter of credit posting linked to decommissioning liabilities on Wytch Farm.
Ithaca said it would use the cash to pay off some of its debts.
The deal is expected to go through mid-2018.
Wytch Farm is an onshore oil field located in Dorset that has been producing since 1979.
Last year it pumped out about 1,000 barrels of oil per day net to Ithaca.
In December, Perenco completed a deal to buy Premier Oil’s interests in licences containing Wytch Farm.
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