REG - Ithaca Energy PLC Delek Group - DLEKG - Completion of Cygnus Stake Acquisition

Ithaca EnergyAnnouncement

01/10/2025 07:00

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RNS Number : 5023B  Ithaca Energy PLC  01 October 2025

1 October 2025

 

Ithaca Energy plc

("Ithaca Energy" or the "Group")

 

Completion of Acquisition of additional interest in Cygnus Field

Ithaca Energy is pleased to announce that, following its announcement on
20(th) May 2025 regarding the acquisition of an additional 46.25% interest in
the Cygnus gas field from Spirit Energy ("the Transaction"), it has now
completed the Transaction with all conditions precedent having been satisfied.
The additional stake brings Ithaca Energy's operated interest in the Cygnus
field to 85%, with Spirit Energy retaining 15%. Approximately £115 million
was paid to Spirit Energy upon completion of the Transaction (based on an
effective date for the transaction of 1 January 2025 and after customary
purchase price adjustments).

 

Cygnus is the largest UK Continental Shelf gas field and a key contributor
to the UK's energy security. The Transaction adds 23 mmboe of 2P reserves
(as at 1 Jan 2025) and 2025 pro forma production between 12.5 - 13.5 kboe/d,
enhancing the balanced production mix of our portfolio through additional gas
volumes. The Transaction adds high-quality assets in our core UK Continental
Shelf market and is in line with the Group's strategy to pursue further
consolidation in the basin.

 

Yaniv Friedman, Executive Chairman, commented: "We're very pleased to complete
the transaction with our partner Spirit Energy and further execute on the
Group's strategy to pursue value-accretive M&A, adding high-quality assets
in our core UKCS market. This acquisition, and the completed deal with Japex,
strengthens the Group's position as a lead consolidator in the UKCS, adding
incremental reserves and production via highly attractive opportunities that
meet our strict investment criteria."

 

"The success of the Group's M&A activity in 2025 and improved organic
efficiency and production means we expect to exit the year with a production
rate of approximately 140 kboe/d, positioning Ithaca Energy as one of the
largest producers in the UKCS basin, providing a platform for material cash
generation and growth."

 

Enquiries

 

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

 Camarco (PR Advisers to Ithaca Energy)                            +44 (0)203 757 4980
 Billy Clegg / Owen Roberts / Violet Wilson                        ithacaenergy@apcoworldwide.com

About Ithaca Energy plc

 

Ithaca Energy is a leading UK independent exploration and production company
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 three transformational
acquisitions in recent years, including the recent Business Combination with
Eni UK. Today, Ithaca Energy is one of the largest independent oil and gas
companies in the United Kingdom Continental Shelf (the "UKCS"), ranking second
largest independent by production with the largest resource base.

 

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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