Ithaca buys three UK producing oil fields
01 August, 2014
Ithaca Energy has completed the acquisition of three UK producing oil field interests from Sumitomo Corporation.
Ithaca has acquired Summit Petroleum Limited, a subsidiary company of Sumitomo, which holds the Cook (20.00%), Pierce (7.48%) and Wytch Farm (7.43%) field interests. The net consideration paid at completion was US$163 million, taking into account working capital and net cashflows since the transaction effective date of 1 January 2014.