Ithaca CEO Les Thomas

Ithaca Energy announced Monday that it has acquired interests in three producing oil fields on the UK Continental Shelf.

The assets were bought through the acquisition of Summit Petroleum, a subsidiary company of Sumitomo Corporation.

The total value of the acquisitions was $170 million.

The assets include a 20 percent interest in the Cook field in the central North Sea, raising Ithaca’s stake in Cook to over 61 percent.

The acquisition adds proved and probable reserves of around 12 million boe.

The deal also increases the company’s production by 2,500 boepd.

Ithaca CEO Les Thomas said, “I am very pleased to announce the acquisition of these three high quality, long-life assets, which represent an excellent addition to the portfolio.  The transaction is directly in line with our strategy to further diversify and expand our producing asset portfolio.  Moreover, each of the assets has clearly defined upsides that provide the opportunity to generate significant additional value.”


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