Ithaca agrees new farm-out deals

Aim-listed oil explorer Ithaca Energy yesterday unveiled a new raft of UK exploration farm-out deals, with Oyster Petroleum, Sussex Energy and Euroil Exploration. In combination with previously announced farm-out agreements, Ithaca is now fully carried for the cost of drilling the exploration wells which were transferred when it bought Valiant Petroleum. In addition, Ithaca will receive over $8m (£5m) in cash from the farm-out parties.