Ithaca Energy PLC Successful Completion of Remaining Stake in Cambo (2240V)
30 Noviembre 2023 - 4:37AM
UK Regulatory
TIDMITH TIDMTTM
RNS Number : 2240V
Ithaca Energy PLC
30 November 2023
November 2023
Ithaca Energy plc ("Ithaca Energy" or the "Group")
Ithaca Energy announces successful completion of remaining stake
in Cambo
Ithaca Energy (LON: ITH) is pleased to announce the successful
completion of its acquisition of the remaining 30% stake in Cambo
from Shell U.K. Limited ("Shell") taking Ithaca Energy's stake in
Cambo to 100%, as announced on 12 September 2023. The acquisition
will provide Ithaca Energy with control over the progression of the
future development of Cambo.
The acquisition has minimal near-term cost exposure, with the
consideration 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 announce the completion of this acquisition,
taking our ownership of Cambo to 100%. Following completion, we are
now in a stronger position to engage with potential farm-in
partners to enable the future progression of the project to Final
Investment Decision. As the second largest undeveloped oil and gas
discovery in the UK, we believe that Cambo has an important role to
play in providing critical energy security to the UK, while
reducing the UK's 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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