Ithaca Energy Enters Agreement With Shell Towards Development Of Cambo

(RTTNews) - Ithaca Energy (IAE.L) has signed an agreement with Shell U.K. Limited which defines a marketing process for Shell's 30% working interest in Cambo. Ithaca Energy would retain at least a 50% working interest in Cambo and will remain the operator of the asset.

The Cambo field is an undeveloped oil and gas discovery in the UK North Sea, located in the West of Shetland region.

Shell's Senior Vice President, UK Upstream, Simon Roddy, said: "Following an internal review, we have decided to sell our 30% working interest in Cambo and have agreed a process with Ithaca Energy for the sale of Shell's stake in the field this year."

The agreement provides an option for Shell to sell any remaining portion of its own stake, which is not sold to a third party to Ithaca Energy, following the conclusion of the marketing process, that will run six months from the date of signing the agreement.