Ithaca Energy PLC Completion of acquisition remaining stake in Fotla (9474R)
01 Noviembre 2023 - 3:00AM
UK Regulatory
TIDMITH TIDMTTM
RNS Number : 9474R
Ithaca Energy PLC
01 November 2023
01 November 2023
Ithaca Energy plc ("Ithaca Energy" or the "Group")
ITHACA ENERGY ANNOUNCES SUCCESSFUL COMPLETION OF ACQUISITION OF
REMAINING STAKE IN THE FOTLA DISCOVERY AND THREE EXPLORATION
LICENSES
Completion of acquisition of remaining stake in the Fotla
Discovery
Ithaca Energy (LON: ITH) is pleased to announce the successful
completion of its acquisition of the remaining 40% stake in the
Fotla Discovery and three exploration licences (P.213 Area C, P.345
Area A and P.2536), previously announced on 12 July 2023, from
Spirit Energy. The acquisition brings the Group's working interest
in the Fotla Discovery to 100%.
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.
Alan Bruce, Chief Executive Officer, Ithaca Energy, commented:
"We are delighted to announce the completion of this acquisition
which provides Ithaca Energy with full control over the pre-final
investment decision work programme and timing of project sanction.
The deal strengthens our high-quality development portfolio and
demonstrates further delivery of our clearly articulated
strategy."
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.
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