By OGJ editors
HOUSTON, Feb. 16 – Maersk Oil North Sea UK Ltd. exercised its option to take a farmout from Ithaca Energy Inc., London, on blocks 29/4b and 29/5e, where a high pressure-high temperature gas-condensate play exists in the Greater Stella area of the UK North Sea.
Ithaca said the transaction offers the potential to be carried for the drilling of a deep exploration well on each block.
Maersk Oil is to be granted a 95% equity interest in the deep horizons below the Base Chalk horizon in each block drilled.
Ithaca retains the shallow rights and will continue to be responsible for license obligations including the obtaining and reprocessing of 3D seismic data, up to the point of Maersk Oil committing to drilling and earning an interest in either block.
Ithaca said the HP-HT play is targeted to lie stratigraphically below the current discoveries that Ithaca is preparing for development, namely Stella, Hurricane, and Harrier.