REG - Ithaca Energy PLC Delek Group - DLEKG - Completion of acquisition remaining stake in Fotla

Ithaca EnergyAnnouncement

01/11/2023 09:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231101:nRSA9474Ra&default-theme=true

RNS Number : 9474R  Ithaca Energy PLC  01 November 2023

01 November 2023

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

ITHACA ENERGY ANNOUNCES SUCCESSFUL COMPLETION OF ACQUISITION OF REMAINING
STAKE IN THE FOTLA DISCOVERY AND THREE EXPLORATION LICENSES

 

Completion of acquisition of remaining stake in the Fotla Discovery

Ithaca Energy (LON: ITH) is pleased to announce the successful completion of
its acquisition of the remaining 40% stake in the Fotla Discovery and three
exploration licences (P.213 Area C, P.345 Area A and P.2536), previously
announced on 12 July 2023, from Spirit Energy. The acquisition brings the
Group's working interest in the Fotla Discovery to 100%.

The Fotla Discovery, operated by Ithaca Energy, is located in Block 22/1b of
the UK North Sea in 431 ft of water, approximately 10 km southwest of the
Ithaca Energy operated Alba field. The field was discovered in August 2021 by
the Group's drilling of the 22/1b-12 well and subsequently appraised by two
side-tracks. As previously stated, development plans are currently being
evaluated, with first production from the Fotla Discovery targeted in 2026.
The conceptual field development plan consists of a subsea tieback to existing
infrastructure.

Alan Bruce, Chief Executive Officer, Ithaca Energy, commented: "We are
delighted to announce the completion of this acquisition which provides Ithaca
Energy with full control over the pre-final investment decision work programme
and timing of project sanction. The deal strengthens our high-quality
development portfolio and demonstrates further delivery of our clearly
articulated strategy."

Enquiries

 

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

 FTI Consulting (PR Advisers to Ithaca Energy)                 +44 (0)203 727 1000
 Ben Brewerton / Nick Hennis                                   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 by 2040.

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

-ENDS-

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQMZMFGMMKGFZZ