Ithaca Buys Challenger, Boosts Stake in Harrier, Stella Fields

Ithaca Energy Inc. (IAE), a North Sea oil explorer and producer, acquired Challenger Minerals (North Sea) Ltd. from Transocean Drilling U.K. Ltd. for $35 million.

The transaction increases Ithaca’s stakes in the Stella and Harrier fields and gives it a non-operated interest in the producing Broom field, the Calgary-based company said today in a statement.

Ithaca also said it agreed to divest a stake in the Hurricane field to Dyas U.K. Ltd. It has signed a contract letter of intent to secure a rig to drill an appraisal well at Hurricane in early 2012, the company said in a separate statement.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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