REG - Ithaca Energy PLC Delek Group - DLEKG - Chief Executive Officer Change

Ithaca EnergyAnnouncement

05/01/2024 07:00

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RNS Number : 7222Y  Ithaca Energy PLC  05 January 2024

 

Ithaca Energy plc ("Ithaca Energy" or the "Group")

 

Chief Executive Officer Change

 

Ithaca Energy plc, ("Ithaca Energy" or the "Company"), a leading independent
oil and gas operator in the North Sea announces that Alan Bruce, Chief
Executive Officer, having led the Company through a successful IPO and first
year as a listed company, has agreed with the Board that he will step down
from his role as Chief Executive Officer to pursue new opportunities.

 

The Board will progress with a formal search process to appoint a new Chief
Executive Officer as soon as possible and will update the market in due
course. Until a new Chief Executive Officer is appointed, Iain Lewis will
fulfil a dual role of Interim Chief Executive Officer with immediate effect,
as well as continuing as Chief Financial Officer, working alongside Gilad
Myerson, Executive Chairman and the Company's experienced Leadership Team.

 

Gilad Myerson said: "The Ithaca Energy Board thank Alan for his hard work and
strategic insight over the last two and a half years and wish him well for the
future. The search for a new Chief Executive Officer will start as soon as
possible. In the meantime, our strong Leadership Team will continue to manage
the business, led by Iain as Interim CEO, working in collaboration with myself
and with the support of the Board."

 

Alan Bruce said: "I am extremely proud of what Ithaca Energy has accomplished
over the past several years, with the Company now established as one of the
largest independent operators in the UK.  Having led the business through its
successful IPO, I am leaving with the Company in a strong financial and
strategic position. I would like to thank all of the Ithaca Energy employees
who have been instrumental in the Company's success to date and wish them well
in the future."

 

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.

 

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)

Note to editors:

 

Alan Bruce will be treated in accordance with Ithaca Energy's approved
remuneration policy and the terms of his service contract. Further details
will be disclosed on Ithaca Energy's website in compliance with Section
430(2B) of the Companies Act 2006 and in the Directors' Remuneration Report
within its Annual Report and Accounts for the year ended 31 December 2023.

 

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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