REG - Ithaca Energy PLC Delek Group - DLEKG - Successful Completion of Remaining Stake in Cambo

Ithaca EnergyAnnouncement

30/11/2023 10:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231130:nRSd2240Va&default-theme=true

RNS Number : 2240V  Ithaca Energy PLC  30 November 2023

 

November 2023

 

 

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

 

Ithaca Energy announces successful completion of remaining stake in Cambo

 

Ithaca Energy (LON: ITH) is pleased to announce the successful completion of
its acquisition of the remaining 30% stake in Cambo from Shell U.K. Limited
("Shell") taking Ithaca Energy's stake in Cambo to 100%, as announced on 12
September 2023. The acquisition will provide Ithaca Energy with control over
the progression of the future development of Cambo.

 

The acquisition has minimal near-term cost exposure, with the consideration
payable on the earlier of (i) first oil; and (ii) the receipt of proceeds of
any subsequent sale of a working interest in Cambo by Ithaca Energy; and is
subject to Ithaca Energy proceeding with FID and/or the NSTA providing
development consent.

 

Alan Bruce, Chief Executive Officer, Ithaca Energy, commented: "We are pleased
to announce the completion of this acquisition, taking our ownership of Cambo
to 100%. Following completion, we are now in a stronger position to engage
with potential farm-in partners to enable the future progression of the
project to Final Investment Decision. As the second largest undeveloped oil
and gas discovery in the UK, we believe that Cambo has an important role to
play in providing critical energy security to the UK, while reducing the UK's
overall emissions intensity."

 

 

Notes:

 

The Cambo field is the second largest undeveloped oil and gas discovery in the
UK North Sea, located in the West of Shetland region. The development provides
Ithaca Energy with long term production growth at a low expected unit
operating cost per barrel. With its modern, energy efficient design and
potential for electrification, Cambo could be one of the lowest-emission
intensity assets in the North Sea. The field is expected to produce at less
than half the CO(2) intensity than the average UK field, enabled by the FPSO
design which includes features such as being fully electrification ready
(subject to grid connection availability), zero routine flaring and the Sevan
FPSO hull design reducing power demand.

 

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 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  ACQZZMFMGGDGFZM