REG - Ithaca Energy PLC Delek Group - DLEKG - Farm-in to Tobermory gas discovery

Ithaca EnergyAnnouncement

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RNS Number : 0698I  Ithaca Energy PLC  19 November 2025

ITHACA ENERGY PLC

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

 

Farm-in to Tobermory gas discovery

19 November 2025

 

Ithaca Energy, a leading UK independent operator, is pleased to announce it
has signed a farm-in agreement with Shell UK for a 50% working interest in
licences P2629 and P2630, located in the West of Shetland basin, containing
the Tobermory discovery.

 

The strategic farm-in to the Tobermory gas discovery builds upon the Group's
West of Shetland investment strategy and positions Ithaca Energy as a
significant player in a key gas hub in the area, in support of UK Energy
Security.

 

Following completion of the farm-in, Shell UK will continue to hold a 50%
stake in the Tobermory discovery and act as licence operator. The announcement
of the Tobermory farm-in, together with the Group's existing 50/50 joint
venture partnership with Shell in the Group's Tornado discovery, further
strengthens Ithaca Energy's position as a strategic partner in the area.

 

Yaniv Friedman, Executive Chairman, commented:

 

"We are delighted to announce the farm-in to the Tobermory discovery and to
continue our strategic partnership with Shell UK in the area. The West of
Shetland represents a key basin for the Group's long-term growth, with the
ongoing development of the Rosebank field and the continued progression of the
Cambo and Tornado discoveries towards final investment decision. Our
investment in the West of Shetland basin is critical not only to the UK's
Energy Security strategy, but also in supporting thousands of highly skilled
jobs and our world-class supply chain and providing significant gross value
add to the UK economy."

 

 

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

Notes:

(1) Non-GAAP measure

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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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