Shell has increased its share in the central North Sea Beverley field to 60% after it acquired half of Ithaca Energy’s stake in the prospect.
North Sea-focused Ithaca had acquired a 40% stake in Beverley when took over Valiant last month.
Ithaca said the 20% farm-out to Shell was made in exchange for part of its share of the costs of a well on the Beverley prospect.
Ithaca said: “The company will continue to pursue farm-outs and divestments of the existing UK exploration license interests to further minimise exploration expenditure, whilst continuing to be exposed to the potential upside associated with several high impact wells.”
Shell now owns 60% of the field, Ithaca 20% and operator Sterling Resources 20%.
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