Ithaca Energy, a leading UK independent operator, is pleased to announce it has signed a farm-in agreement with Shell UK for a 50% working interest in licences P2629 and P2630, located in the West of Shetland basin, containing the Tobermory discovery.
The strategic farm-in to the Tobermory gas discovery builds upon the Group’s West of Shetland investment strategy and positions Ithaca Energy as a significant player in a key gas hub in the area, in support of UK Energy Security.
Following completion of the farm-in, Shell UK will continue to hold a 50% stake in the Tobermory discovery and act as licence operator. The announcement of the Tobermory farm-in, together with the Group’s existing 50/50 joint venture partnership with Shell in the Group’s Tornado discovery, further strengthens Ithaca Energy’s position as a strategic partner in the area.
Yaniv Friedman, Executive Chairman, commented:
"We are delighted to announce the farm-in to the Tobermory discovery and to continue our strategic partnership with Shell UK in the area. The West of Shetland represents a key basin for the Group’s long-term growth, with the ongoing development of the Rosebank field and the continued progression of the Cambo and Tornado discoveries towards final investment decision. Our investment in the West of Shetland basin is critical not only to the UK’s Energy Security strategy, but also in supporting thousands of highly skilled jobs and our world-class supply chain and providing significant gross value add to the UK economy.”
