Ithaca Energy’s Post

Ithaca Energy announced this morning that it has signed a Sale and Purchase Agreement to acquire the entire issued share capital of JAPEX UK E&P Limited (“JUK”), based on an effective date of 1 January 2024, adding a further 15% working interest in the Seagull Field, increasing Ithaca Energy’s working interest in the field to 50%, equal to operator bp. The Transaction is in line with the Group’s strategy to pursue value-accretive M&A, adding high-quality assets in its core UKCS market and demonstrates the range of inorganic growth options available for the Group. The acquisition represents a low risk, accretive acquisition of an additional working interest of an asset which we know well with a long life of field (mid-2030s) at attractive $/boe metrics. We look forwarding to presenting our FY 2024 results and Investor Update tomorrow, 26 March. https://lnkd.in/eni7ab3s