Ithaca Energy has signed a deal to buy the remaining 40% stake in the Fotla Discovery from Spirit Energy Resources.

The oil and gas company, which is focused on the UK North Sea, will also buy three exploration licences — P.213 Area C, P.345 Area A and P.2536 — as part of the deal.

The financial terms of the transaction were not disclosed.

Operated by Ithaca Energy, the Fotla Discovery is located in Block 22/1b of the UK North Sea.

It is situated around 10km southwest of the Alba field, which is also operated by Ithaca Energy.

Ithaca’s drilling of the 22/1b-12 well led to the field’s discovery in August 2021.

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By GlobalData

Production from the Fotla Discovery is anticipated to start in 2026.

The company said it is reviewing development plans, which include an existing infrastructure subsea tieback.

Ithaca Energy CEO Alan Bruce said: “We are pleased to announce the acquisition of the remaining stake in the Fotla Discovery and three additional exploration licenses.

“The acquisition will provide Ithaca Energy with full control over the pre-final investment decision work programme and timing of project sanction as we seek to maximise value from our high-quality investment portfolio.”

In May this year, energy giant Shell signed a deal with Ithaca Energy to sell a 30% working interest in the Cambo oil field.

Located in the western part of the Shetland Islands, the Cambo field is claimed to be the second-largest untapped oil and gas discovery in the UK North Sea.