Ithaca Energy (IACAF.PK) CEO Iain McKendrick is stepping down from the role he has held since 2008 for personal reasons, to be replaced by ex-Wood Group executive director Les Thomas, who also spent 22 years at Marathon Oil.
McKendrick, who came to Ithaca from Total and served as a corporate lawyer for the Wood Group, will leave next month.
Ithaca Energy (IACAF.PK) agrees to sell Edison International (EIX) a 25% interest in the licenses containing the Handcross prospect, with EIX carrying a portion of Ithaca's share of the costs of an exploration well. Ithaca also agrees to sell a 50% stake in a U.K. offshore license to Royal Dutch Shell (RDS.A, RDS.B), with Shell paying the full cost of obtaining seismic data.
EOG Resources (EOG +0.6%) could see 25% annual oil production growth in coming years, and its stock trades at cheaper multiples than rivals, RBC says as it adds EOG to its "energy best ideas" list. The firm also adds Oceaneering (OII +2.3%); it boots Helmerich & Payne (HP +1.9%) and Precision Drilling (PDS +1%), whose U.S. rig counts have not risen as quickly as expected, as well as Continental Resources (CLR -0.8%).
Noble Energy (NBL) sells stakes in two non-operated North Sea oilfields to Ithaca Energy (IACAF.PK) for $38.5M. Ithaca moves its holding in the Cook field from ~28.4% to ~41.3% and takes a 14% stake in the MacCulloch field from NBL. The deals are expected to yield 2012 net production of 1,100 boe/day to Ithaca.
Ithaca Energy (IACAF.PK -29%) shares plunge after the North Sea oil explorer says it broke off talks with potential buyers because their offers didn’t properly reflect the value of the company. It also agrees to a $400M debt facility from BNP Paribas that it may use “to fund ongoing development activities and future asset acquisitions.”