Market Reaction: positive. Ithaca continues to build on its strategy to grow its resources base in the Stella area at minimal costs (and no near term decommissioning liabilities!). We understand that the fluid at Austen is compatible with Stella. Doubling the size of Vorlich would add 7-8p/sh to our Core NAV and 3.6 mmboe 2P reserves net to Ithaca. With the recent share price drop, an improving balance sheet and Stella start-up two months away, Ithaca is our preferred North Sea story.
02 Aug 2016
FURTHER ACQUISITIONS OF SATELLITES IN THE STELLA AREA
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FURTHER ACQUISITIONS OF SATELLITES IN THE STELLA AREA
Market Reaction: positive. Ithaca continues to build on its strategy to grow its resources base in the Stella area at minimal costs (and no near term decommissioning liabilities!). We understand that the fluid at Austen is compatible with Stella. Doubling the size of Vorlich would add 7-8p/sh to our Core NAV and 3.6 mmboe 2P reserves net to Ithaca. With the recent share price drop, an improving balance sheet and Stella start-up two months away, Ithaca is our preferred North Sea story.