Fossil Energy – Sign-in Agreement
Ithaca Energy from the UK 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 the 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.
