Ithaca Energy, a Company wholly owned by the Delek Group, has entered into an agreement for the sale of its entire interest in Licences PL089, P534 and PEDL 328, which contain the onshore Wytch Farm field, to Verus Petroleum for a cash consideration of $53 million. The transaction realises an attractive value for the field and also releases the Company from a $16 million letter of credit posting in relation to future Wytch Farm decommissioning liabilities.Â  The proceeds of the transaction will be used to partly repay Ithacaâs existing bank debt facilities. The effective date of the transaction is 1 July 2017, with the final consideration paid being subject to customary financial adjustments to reflect income and costs incurred since that date.Â  Completion of the transaction, which is anticipated around mid-2018, is subject to conventional partner and regulatory approvals. Average Wytch Farm production in 2017 was approx. 1,000 barrels of oil per day net to Ithaca.Â  As of 31 December 2016, the Companyâs proven and probable reserves associated with the licences was 4.8 million barrels of oil equivalent, including reserves attributable to the Wareham Field and Beacon discovery, as independently estimated by Sproule International Limited, a qualified reserves evaluator. Original article link Source: Ithaca Energy 
Verus Petroleum has acquired 7,5% interest in the Wytch Farm field from Ithaca (->0, Perenco 87,5%, Verus 7,5%, Repsol Sinopec 5%) for US$53 MM. Involved are PL 089, P 534 + PEDL 328 across Poole Harbour. 