Ithaca Energy PLC Ithaca to acquire remaining interest in Cambo (0808M)
12 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMITH TIDMTTM
RNS Number : 0808M
Ithaca Energy PLC
12 September 2023
12 September 2023
Ithaca Energy to acquire remaining 30% working interest in
Cambo
Ithaca Energy (LON: ITH) is pleased to announce that the Group
has agreed, subject to regulatory approval, to acquire the
remaining 30% stake in Cambo from Shell U.K. Limited ("Shell")
taking Ithaca Energy's stake in Cambo to 100%.
The acquisition, which has minimal near-term cost exposure, will
provide Ithaca Energy with full control over the progression of the
future development of Cambo, the second largest undeveloped oil and
gas discovery in the UK North Sea.
The consideration, in accordance with the previously announced
terms dated 5 May, is 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 conclude the marketing process with Shell and to
take full ownership of the Cambo development. Our primary focus
continues to be the delivery of our BUY, BUILD and BOOST strategy,
including the future development of Cambo, subject to fiscal
conditions. We believe that Cambo has an important role to play in
providing energy security and economic benefit to the UK, while
reducing 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, 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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