Oyster agrees to west of Shetland farm-ins with Ithaca

Offshore staff

HORSHAM, UK – Oyster Petroleum has agreed to acquire interests in two licenses west of Shetland from Ithaca Energy.

The 9% stakes are in P.1631 and P.1832, covering blocks 204/14c, 204/18b and 204/19c, where an exploration well is due to be drilled at year-end on theHandcross prospect. It will target 150 MMbbl of reserves.

Subject to regulatory approvals, Oyster will also acquire Ithaca’s 33% interest in west of Shetland license P.2018, operated byRWE Dea covering blocks 214/24b, 214, 29a, and 214/30c, including the Ainslie prospect.

9/23/2013