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Ithaca Energy Inc Sells UK License Stakes To Electricite de France S.A's Edison International, Royal Dutch Shell Plc -DJ


Monday, 17 Jun 2013 02:19am EDT 

Dow Jones reported that Ithaca Energy Inc has agreed to sell Edison International 25% interest in the licenses containing the Handcross prospect, and has also signed an agreement with Royal Dutch Shell PLC, selling it a 50% stake in U.K license P2048. Ithaca has sold Edison a 25% interest in U.K licenses P1631 and P1832 (blocks 204/14c, 204/18 billion and 204/19c), which contain the Handcross prospect. This agreement reduces Ithaca's working interest in the licences from 70% to 45%. Ithaca retains operatorship of the licenses. In return for the 25% interest, Edison will carry a portion of Ithaca's share of the costs of an exploration well on the Handcross prospect. Ithaca has also entered into an agreement with Shell to sell a 50% of the Company's 100% interest in U.K. licence P2048, covering blocks 29/24, 29/25, 29/29 and 29/30, which was awarded in the U.K. 27th Offshore Licensing Round. The firm license work program commitment is to obtain 500 square kilometers of three-dimensional seismic data. The agreement provides for Shell to pay the full cost of obtaining the seismic data. Ithaca has the option to retain its 50% interest in the license, subject to paying its corresponding share of the work program costs on a future date. Should this option not be exercised, the Company's 50% interest in the license will transfer to Shell, with Ithaca having incurred no costs associated with execution of the committed work program. Edison is now part of the Electricite de France S.A. 

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