REG - Ithaca Energy PLC Delek Group - DLEKG - Board of Directors & Executive Management Changes

Ithaca EnergyAnnouncement

28/05/2024 07:00

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RNS Number : 9620P  Ithaca Energy PLC  28 May 2024

Press release

Board of Directors and Executive Management Changes

New leadership appointments to deliver Ithaca Energy's next phase of growth
following transformational Business Combination

 

Ithaca Energy plc, ("Ithaca Energy" or the "Company"), a leading independent
oil and gas operator in the North Sea today announces a number of changes to
its Board of Directors and Executive Management team to strengthen the
Company's leadership as it embarks on its next phase of growth, having
recently announced its proposed transformational business combination with
substantially all of the upstream assets of Eni in the UK (the "Eni UK
Business") (the "Business Combination").

 

The Business Combination, announced on 23 April, will when complete create a
UKCS powerhouse with the single largest resource base in the UK North Sea,
creating a strategic platform for long-term growth in the basin and the
pathway to becoming the largest producer in the UKCS by 2030(1). The combined
business will benefit from complementary cashflows of a diversified and
balanced portfolio with the potential for material long-term organic and
inorganic growth and significant value creation unlocked through operational
and financial synergies. The highly-cash generative combination provides
material dividend capacity with an ambition for up to $500 million total
dividends in 2024 and 2025(2).

 

The Board, which has also consulted with the Company's majority shareholder
and Eni in arriving at its decisions, believes that the new leadership
appointments, detailed below, will strengthen the Company's executive
leadership, providing the business with the appropriate leadership composition
on completion to deliver the ambitious growth plans of the combined business.
The changes include:

 

·   Departure of Gilad Myerson as Executive Chairman, succeeded by Dave
Blackwood, CBE who will become interim Non-Executive Chairman, to be followed
by the proposed appointment of Yaniv Friedman as Executive Chairman, once all
formal conditions to his appointment have been satisfied

·    Proposed appointment of Luciano Vasques as Chief Executive Officer on
completion of the Business Combination

·   Iain Lewis to return to his role of Chief Financial Officer at Business
Combination completion, following his spell as interim Chief Executive Officer

·    Appointment of Odin Estensen as Chief Operating Officer

·    Appointment of Zvika Zivlin as Senior Independent Director, as
announced 16 May

 

Executive Chairman Succession

Having guided the Company through its acquisition-led growth strategy since
2019, culminating in the recent Business Combination with ENI UK, Gilad
Myerson will now be stepping down from his role as Executive Chairman with
immediate effect. Gilad has been an instrumental part of Ithaca Energy's
growth, increasing its footprint, production, reserves and cash flows
significantly through the integration of Chevron North Sea, the acquisitions
of Mitsui UK, Marubeni UK, Summit E&P (UK) and Siccar Point Energy, the
milestone sanctioning of the Rosebank development, the Company's listing on
the London Stock Exchange and the recent announcement of the transformational
Business Combination.

 

Gilad will be available as an advisor to the Company to provide assistance as
required for a limited period of time. Dave Blackwood, CBE will serve as
non-executive Chairman until his successor is formally appointed then
returning to his role as non-executive director.

 

Dave Blackwood joined Ithaca Energy's Board in October 2022 as non-executive
director and Chair of the Health, Safety, Environmental and Security
committee, after a distinguished career spanning 47 years in the global energy
sector, including heading up bp's upstream business in the UK and Norway. Dave
brings considerable leadership and Board experience and a deep understanding
of the oil and gas industry with significant technical and commercial
expertise.

 

The Company is pleased to announce the proposed appointment of Yaniv Friedman
as Executive Chairman in the coming weeks, once all formal conditions of his
appointment have been satisfied. Yaniv has significant global executive
experience working in the energy and infrastructure sectors and brings
considerable strategic, commercial, public company and M&A expertise.
Yaniv most recently held the role of CEO of Modiin Energy LP, an oil and gas
partnership listed on the Tel Aviv Stock Exchange with operations including
development projects in the US as well as exploration offshore Israel. Prior
to this, Yaniv served as Deputy Chief Executive Officer of Newmed Energy LP,
Israel's leading energy partnership in the exploration, development,
production and sale of natural gas. Yaniv further held other senior executive
positions in public and private energy companies.

 

Chief Executive Officer Appointment

Ithaca Energy is delighted to announce that Eni has proposed the appointment
of Luciano Vasques as Chief Executive Officer, subject to the completion of
customary onboarding processes. Luciano's appointment will become effective on
completion of the Business Combination and he will immediately join the Ithaca
Energy Board. Luciano brings a wealth of executive and energy industry
experience with a career spanning over 30 years covering a range of
leadership, technical and operational roles. Luciano currently holds the role
of Managing Director of Eni UK Limited and led the recent acquisition and
integration of Neptune Energy into Eni UK's operations and prior to this he
held the role of Head of Central Asia for Eni SpA overseeing interests in two
giant oil and gas fields, Kashagan and Karachaganak. During Luciano's upstream
career he has demonstrated a track record of successfully overseeing and
delivering multibillion dollar developments and operations across Eni S.p.A.'s
global business that will prove invaluable as the Company embarks on the
development of its high-value greenfield portfolio. Luciano sits on the
steering committee of the North Sea Transition Deal, led by NSTA.

 

Iain Lewis will continue to hold the role of Interim Chief Executive Officer
until Luciano's appointment, and on completion of the Business Combination
will return to his role as Chief Financial Officer.

 

Chief Operating Officer Appointment

The Company is also pleased to announce the appointment of Odin Estensen as
Chief Operating Officer. With more than 35 years' experience in the oil and
gas sector, Odin brings a wealth of operating experience and joins Ithaca
Energy from Neptune Energy where he served as Managing Director of its
Norwegian and UK businesses. Prior to this Odin held various senior roles at
Shell across Europe, the Middle East, Africa and Asia. Odin will join the
Company immediately.

 

 

Dave Blackwood, CBE, interim Non-Executive Chairman, said:

 

"The Board thanks Gilad for his strategic insight and leadership over the last
four years. The transformational Business Combination with Eni's UK Business
marks an appropriate time to change the executive leadership of the Company
and we wish him well for the future."

 

"We are delighted to announce a number of high-quality Board and Executive
Management appointees, positioning the Company for further success as we move
into the next exciting phase of growth as the largest resource holder in the
UK North Sea following the Business Combination with Eni's UK Business. The
proposed appointment of Yaniv will further support the Company's international
growth aspirations, building on his demonstrable global commercial and
leadership track record in the sector. Luciano's sector and integration
experience will be critical for the Company as we continue to pursue organic
growth from our high-value development portfolio and successfully deliver the
many growth opportunities of the Business Combination. Lastly, the appointment
of Odin will provide further rigour to our daily operations to ensure we
continue to deliver safe and reliable operations. The Board looks forward with
confidence to working with Yaniv, Luciano and Odin in their respective new
roles."

 

"On behalf of the Board, I would also like to take this opportunity to thank
Iain Lewis for his stewardship of the Company as interim Chief Executive
Officer, which role he will continue in until Luciano officially takes office,
upon which Iain will return to his role as Chief Financial Officer."

 

Gilad Myerson commented:

"I am extremely proud of what Ithaca Energy has achieved during my tenure at
the Company. The recent announcement of the Business Combination with Eni's UK
Business, is transformational and I am pleased to have led the Company through
to this significant milestone."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 of 16 April 2014 (MAR) as it forms
part of domestic law by virtue of the European Union (Withdrawal) Act 2018

 

To the extent necessary, information required to be disclosed under LR 9.6.13
R (1) to (6) in respect of Yaniv Freidman or Luciano Vasques will be disclosed
by way of RIS upon formal confirmation of their respective appointments.

 

Enquiries

 

 Ithaca Energy
 Kathryn Reid - Head of Investor Relations, Corporate Affairs &      kathryn.reid@ithacaenergy.com (mailto:kathryn.reid@ithacaenergy.com)
 Communications

 FTI Consulting (PR Advisers to Ithaca Energy)                       +44 (0)203 727 1000
 Ben Brewerton / Nick Hennis / Rosie Corbett                         ithaca@fticonsulting.com (mailto:ithaca@fticonsulting.com)

 

 

Notes:

 

(1) Wood Mackenzie, Ithaca Energy (NSAI CPR), Eni UK CPR (prepared by NSAI
dated 25 March 2024) and ERCE CPR, as of 31 December 2023

(2) All dividends are subject to operational performance and commodity prices
as well as Combined Group refinancing and availability of distributable
profits

 

Note to editors:

 

About Ithaca Energy plc

 

Ithaca Energy is a leading UK independent exploration and production company
focused on the UK North Sea with a strong track record of material value
creation. In recent years, the Company has been focused on growing its
portfolio of assets through both organic investment programmes and
acquisitions and has seen a period of significant M&A driven growth
centred upon two transformational acquisitions in recent years. Today, Ithaca
Energy is one of the largest independent oil and gas companies in the United
Kingdom Continental Shelf (the "UKCS"), ranking second by resources.

 

With stakes in six of the ten largest fields in the UKCS and two of UKCS's
largest pre-development fields, and with energy security currently being a key
focus of the UK Government, the Group believes it can utilise its significant
reserves and operational capabilities to play a key role in delivering
security of domestic energy supply from the UKCS.

 

Ithaca Energy serves today's needs for domestic energy through operating
sustainably. The Group achieves this by harnessing Ithaca Energy's deep
operational expertise and innovative minds to collectively challenge the norm,
continually seeking better ways to meet evolving demands.

 

Ithaca Energy's commitment to delivering attractive and sustainable returns is
supported by a well-defined emissions-reduction strategy with a target of
achieving net zero by 2040.

 

Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON:
ITH) on 14 November 2022.

 

-ENDS-

 

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