May 14, 2013 - Spike Exploration announced its entry into the Athena field partnership with its 15% acquisition of Dyas UK Limited's majority interest. Athena is operated by Ithaca Energy with a 22.5% interest in the license. Upon completion of the agreement, the remaining equity holders will be Dyas (17.5%), EWE Energie (20%), Trap Oil (15%), Zeus Petroleum (10%) and Spike Exploration (15%). Spike is a newly formed oil and gas company with plans to become a major exploration player on the UK continental shelf. The Athena field is located in block 14/18b and was brought on stream in May 2012. Currently, the field is producing just over 10,000 boepd.

May 13, 2013 - Ithaca Energy agreed to farm-out half of its 40% non-operated interest in UK license P1792 to Shell. The license covers blocks 21/30f and 22/26c in the Central North Sea. Block 22/26c contains the Beverley prospect. The farm-out is in exchange for a partial carry of Ithaca's 20% share of the costs to drill a well on the prospect. Terms of the license stipulate that the well be drilled by early 2015. Block 21/30f holds the Belinda and Evelyn discoveries. The agreement is subject to routine regulatory approval.

May 8, 2013 - Cairn Energy announced it will farm-in to licenses FEL 2/04, FEL 4/08 and six adjacent licensing option blocks in the Porcupine Basin west of Ireland. Included in FEL 2/04 are the Spanish Point gas condensate discovery and the Burren oil discovery. The farm-in is subject to regulatory and partner approval. If approved, Cairn becomes the operator and acquires a 38% working interest by paying a pro-rated share of back costs for a consideration of $4.1 million and 63.33% of exploration and appraisal costs up to two wells, subject to a cap. An appraisal of Spanish Point is expected to be drilled in 2Q 2014.