Ithaca snaps up stakes in North Sea gas fields in £24m double swoop

Ithaca Energy is buying stakes in two North Sea oil fields as it hits the acquisition trail with a new debt facility behind it.

The oil and gas producer, which is listed on the Canadian and London stock exchanges, said yesterday that it would buy Noble Energy’s interests in the Cook and MacCulloch fields for $38.5 million (£24m).

The 12.9 per cent stake in Cook and 14 per cent share of MacCulloch will add about 1,100 barrels of oil equivalent per day to Ithaca’s production.