REG - Ithaca Energy PLC Delek Group - DLEKG - Ruling in Relation to Rosebank Judicial Review

Ithaca EnergyAnnouncement

30/01/2025 10:30

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RNS Number : 3051V  Ithaca Energy PLC  30 January 2025

 

Press release

Ruling in relation to Rosebank Judicial Review

Ithaca Energy plc ("Ithaca Energy" or the "Company") welcomes today's ruling
and is pleased with the outcome, which allows us to continue progressing the
Rosebank project while we await new consents. Equinor, as operator of the
Rosebank project, remain confident that the project timeline remains on track,
with the start-up still planned in 2026/2027.

 

The Rosebank development is expected to lead to £8.5 billion of total direct
investment, of which £6.6 billion is likely to be invested in UK-based
businesses. To date the Rosebank JV partnership has already committed over
£2.2bn on developing Rosebank, awarding vital contracts across the supply
chain and employing personnel to deliver the work. The project is expected to
support around 2,000 jobs during the height of the construction phase of the
project, and it will continue to support approx. 525 UK-based jobs during the
lifetime of the field.

 

Ithaca Energy, together with Equinor as Operator, will continue to work
closely with the Regulators and Department for Energy Security and Net Zero
(DESNZ) to progress the Rosebank project. This includes submitting a
downstream end user combustion emissions ('scope 3') assessment in full
compliance with the Government's new environmental guidance which is targeted
to be published this spring.

 

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 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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