The transaction will add a further ten producing field interests to the existing portfolio, four of which relate to assets operated by CNSL.
Pinsent Masons advised Ithaca Energy on all aspects of the deal, which will result in a 300% increase in 2019 forecast production, and establish it as the second largest independent oil and gas producer in the UK North Sea.
The Pinsent Masons team was led by Head of Corporate Finance Rosalie Chadwick, and was assisted by Brian Thumath, James McMillan and Ailie Isdale (Corporate), Iain Macaulay and Michael Duffy (Finance), Shirley Allen and Rachel Warner (Oil & Gas), Euan Smith (Employment), Jae Fassam (Pensions) and Jeremy Webster and Jamie Robson (Tax).
Rosalie Chadwick, lead partner on the deal said, "This has been another exciting chapter in our long standing relationship with Ithaca. This reinforces Ithaca's position as a major player in the UK's North Sea, as well as an example of continued investment and interest in the North Sea Continental Shelf. It is a transformational deal for Ithaca and one we are delighted to have be involved in in 2017.”
Pinsent Masons also advised Ithaca on its $1.24 billion takeover by Israeli-listed Delek Group.