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Investing.com -- Ithaca Energy PLC (LON:ITH) has signed a farm-in agreement with Shell UK for a 50% working interest in licenses containing the Tobermory gas discovery in the West of Shetland basin.
The strategic move builds upon Ithaca’s West of Shetland investment strategy and positions the company as a significant player in a key gas hub in the area, supporting UK energy security.
Following completion of the farm-in, Shell UK will maintain a 50% stake in the Tobermory discovery and continue as license operator. The agreement involves licenses P2629 and P2630.
This announcement, together with Ithaca’s existing 50/50 joint venture partnership with Shell in the Tornado discovery, strengthens the company’s position as a strategic partner in the region.
"We are delighted to announce the farm-in to the Tobermory discovery and to continue our strategic partnership with Shell UK in the area," said Yaniv Friedman, Executive Chairman of Ithaca Energy.
"The West of Shetland represents a key basin for the Group’s long-term growth, with the ongoing development of the Rosebank field and the continued progression of the Cambo and Tornado discoveries towards final investment decision," Friedman added.
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