Ithaca Energy PLC Acquisition of Fotla & three exploration licenses (7129F)
12 Juli 2023 - 8:00AM
UK Regulatory
TIDMITH TIDMTTM
RNS Number : 7129F
Ithaca Energy PLC
12 July 2023
12 July 2023
Ithaca Energy plc ("Ithaca Energy" or the "Group")
Acquisition of remaining stake in the Fotla Discovery and three
exploration licenses
Ithaca Energy (LON: ITH) is pleased to announce it has signed a
Sale and Purchase Agreement to acquire the 40% stake in the Fotla
Discovery it doesn't already own and three exploration licences
(P.213 Area C, P.345 Area A and P.2536) from Spirit Energy
Resources Limited (the "Acquisition"). The Acquisition, which is
subject to the satisfaction of certain conditions precedent
including regulatory approval, and with limited near-term cash
outflow, will bring the Group's working interest in the Fotla
Discovery to 100% at completion, providing Ithaca Energy with full
control over pre-final investment decision work and timing.
The Fotla Discovery, operated by Ithaca Energy, is located in
Block 22/1b of the UK North Sea in 431 ft of water, approximately
10 km southwest of the Ithaca Energy operated Alba field. The field
was discovered in August 2021 by the Group's drilling of the
22/1b-12 well and subsequently appraised by two side-tracks. As
previously stated, development plans are currently being evaluated,
with first production from the Fotla Discovery targeted in 2026.
The conceptual field development plan consists of a subsea tieback
to existing infrastructure.
The total transaction consideration comprises two capped
contingent payments, which are payable approximately two thirds on
final investment decision and a third on first production.
Alan Bruce, Chief Executive Officer, Ithaca Energy, commented:
"We are pleased to announce the acquisition of the remaining stake
in the Fotla Discovery and three additional exploration licenses.
The acquisition will provide Ithaca Energy with full control over
the pre-final investment decision work programme and timing of
project sanction as we seek to maximise value from our high-quality
investment portfolio."
Enquiries
Ithaca Energy
Kathryn Reid - Head of Investor Relations, kathryn.reid@ithacaenergy.com
Corporate Affairs & Communications
FTI Consulting (PR Advisers to Ithaca
Energy) +44 (0)203 727 1000
Ben Brewerton / Nick Hennis 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-
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