The deal will see Ithaca farm-out half of its 40% non-operated interest in UK licence P1792, which covers blocks 21/30f and 22/26c in the Central North Sea, in exchange for a partial carry on its remaining 20% share of the costs of a well on the Beverley prospect.
The Beverley prospect lies on the flank of an undrilled salt diapir, analogous with other structures in the area, and is near to Shell's Gannet fields.
