REG - Ithaca Energy PLC Delek Group - DLEKG - Completion of Acquisition of JAPEX UK E&P Limited

Ithaca EnergyAnnouncement

Mon 10:15

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RNS Number : 0004Q  Ithaca Energy PLC  07 July 2025

ITHACA ENERGY PLC

("Ithaca Energy", the "Company" or the "Group")

 

Completion of Acquisition of JAPEX UK E&P Limited

Increasing Ithaca Energy's interest in the Seagull field

7 July 2025

Ithaca Energy is pleased to announce that its acquisition of the entire issued
share capital of JAPEX UK E&P Limited ("JUK") from Japan Petroleum
Exploration Co., Ltd., announced on 25 March 2025, has completed with all
conditions precedent to the transaction having been satisfied.

The acquisition increases Ithaca Energy's working interest in the
well-understood and high-value Seagull field from 35% to 50%, equalling bp's
interest as the field operator, and adding pro forma 2025 production of
approximately 4 - 4.5 kboe/d.

The transaction consideration of US$193 million (based on an effective date of
1 January 2024) amounts to a final completion payment of approximately US$136
million, following customary purchase price adjustments.

Yaniv Friedman, Executive Chairman, commented "We are delighted to complete
the acquisition of JUK, in line with our estimated completion date,
illustrating the Group's proven execution capabilities. The highly accretive
acquisition demonstrates the Group's continued delivery of our low-risk
inorganic growth strategy, adding incremental production, reserves and cash
flow from a high-quality asset at attractive investment metrics."

 

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                                         ithaca@fticonsulting.com (mailto:ithaca@fticonsulting.com)

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 ahead of targets set out in the North Sea Transition Deal.

 

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

 

-ENDS-

 

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