On 18 May 2020 Equinor exited licence P2345 with Ithaca picking up its 50% interest in the licence. The licence was initially awarded to Chevron and Equinor, both with a 50% interest prior to Ithaca's acquisition of Chevron's UK assets. Phase A of the licence commitment required the licensee to obtain 450 sq km of reprocessed 3D data and to complete a charge modelling and reservoir study along with undertaking a seal and trap integrity assessment. Phase C of the licence, as there was no Phase B, had a drill or drop commitment for the licensee to drill a well to 2,000 m depth or 50 m into the pre-Upper Jurassic.   Licence P2345 was awarded in the 30th Offshore Mature licensing round and comprises four blocks â 14/23, 14/24, 14/28 and 14/29b. The end date of the initial term is the 30 September 2023.   Ithaca Energy (UK) Limited now holds 100% interest in the licence.
Equinor exited licence P2345 with Ithaca picking up its 50% interest in the licence. 