Ithaca Energy Inc announced on 18 January 2018 that it has agreed to sell its interest in the Wytch Farm field in licences PL89, PEDL 328 and P534 to Verus Petroleum SNS Limited for a cash consideration of GBP 53 million (USD 73.6 million). The effective date of the transaction is 1 July 2017. However, full completion of the transaction is expected around mid-2018. The deal is subject to regulatory and partner approval. Ithaca state that proceeds from the deal will be used to partly repay Ithacaâs existing bank debt facilities. The deal also releases the company from a GBP 11.5 million (USD 16 million) letter of credit posting in relation to future Wytch Farm decommissioning liabilities. Verus had previously tried to pick up interest in the field when it agreed a deal by Premier. However, Perenco pre-empted the deal and took the 33.8% interest which was on offer. Wytch Farm is located in southern Dorset, in an area of extreme environmental sensitivity. It was discovered in 1974 and was brought onstream five years later. The field's onshore sector has been developed with conventional sub-vertical producers, while its offshore extension under Poole and Bournemouth bays has been exploited with extended reach wells, with one of the longest wells having a step-out approaching 11 km.  Following completion of the deal interest in Wytch Farm will be held by Perenco UK Limited (87.62% + operator), Verus Petroleum SNS Limited (7.43%) and Repsol Sinopec North Sea Limited (4.95%). Â 
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. 