Acquisition of additional interest in Cygnus Field
Ithaca Energy, a leading UK independent production and growth company, is pleased to announce it has signed a sale and purchase agreement to acquire an additional 46.25% stake in the Cygnus gas field from Spirit Energy for a purchase price of £116 million (approximately $154 million) (the “Transaction”), based on an effective date of 1 January 2025. The Transaction, which is subject to NSTA consent, will increase Ithaca Energy's operated interest in Cygnus to 85%.
The Transaction is expected to add 23 mmboe of 2P reserves (as at 1 Jan 2025) and pro forma production between 12.5 - 13.5 kboe/d in 2025, enhancing the balanced production mix of our portfolio through additional gas volumes.
