UK's Ithaca Energy to acquire Japex's North Sea business for $193 million
25/03/2025 09:13
March 25 (Reuters) - Ithaca Energy ITH.L said on Tuesday it would acquire Japan Petroleum Exploration's (Japex) 1662.T UK unit for $193 million, as it seeks to become one of the biggest independent North Sea energy companies. Ithaca will take on about $215 million of JAPEX UK E&P Ltd's (JUK) material tax losses and about $105 million in losses from energy profit levies in the UK. The deal will help Japex hive off its 15% stake in the BP-operated Seagull oil and gas field amid a string of exits from the ageing basin after growing uncertainties around government tax plans, as Reuters reported last year. Ithaca shares rose as much as 2.2% to 140 pence after the announcement. (Reporting by Yamini Kalia in Bengaluru; Editing by Savio D'Souza) ((Yamini.Kalia@thomsonreuters.com;))
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