Ithaca signs farm-in agreement with Shell for Tobermory discovery in UK [Yahoo! Finance]
BASF SE S/ADR (BASFY)
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Source: Yahoo! Finance
Upon completion of the farm-in agreement, Shell UK will continue to hold a 50% stake in the Tobermory discovery and serve as the licence operator. The company said that the agreement builds on its investment strategy for the West of Shetland basin. Ithaca Energy also stated that this move positions the company as a “significant player in a key gas hub in the area” and supports the UK's energy security. Along with its existing 50/50 joint venture with Shell in the Tornado discovery, the new farm-in agreement strengthens its position in the area, added Ithaca Energy. Ithaca Energy executive chairman Yaniv Friedman said: “We are delighted to announce the farm-in to the Tobermory discovery and to continue our strategic partnership with Shell UK in the area. “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 de
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