28th May 2015 09:09
LONDON (Alliance News) - Ithaca Energy Inc on Thursday said it has received notice from a law firm that claims the company has released incorrect information about the company's FPF-1 floating production facility modification works being completed by FTSE 100-listed Petrofac PLC.
The North Sea oil and gas operator said "it has received a statement of claim from a law firm that advertises itself as undertaking investor lawsuits. The statement of claim relates to purported misrepresentation of information" regarding the modification works.
"The company vigorously refutes any such allegations and strongly denies any suggested wrongdoing. The company will be taking all necessary legal measures to defend itself against the statement of claim," said Ithaca in a statement.
Ithaca operates the Greater Stella area in the North Sea and the production hub is underpinned by the development of the Stella and Harrier fields. The development is centred on the drilling of subsea wells tied back to the FPF-1 floating production unit, before being transported to nearby existing oil and gas export infrastructure.
The joint venture partners across all the licences in the Greater Stella area are Dyas, a long established privately owned North Sea oil and gas producer based in the Netherlands, and Petrofac.
In 2011, Ithaca and Dyas introduced Petrofac as a new strategic partner into the Greater Stella area licences. The Petrofac transaction included the transfer of an ownership interest in the FPF-1 floating production facility to Ithaca and Dyas.
Ithaca holds a 54.6% stake in the Greater Stella area whilst Petrofac holds a 20% interest. Dyas holds the remaining balance.
Ithaca shares were down 4.1% to 50.10 pence per share on Thursday morning whilst Petrofac shares were off 1.1% to 867.23p.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PetrofacIAE.L