Ithaca Energy plc, (“Ithaca Energy” or the “Company”), a leading independent oil and gas operator in the North Sea announces that Alan Bruce, Chief Executive Officer, having led the Company through a successful IPO and first year as a listed company, has agreed with the Board that he will step down from his role as Chief Executive Officer to pursue new opportunities.
The Board will progress with a formal search process to appoint a new Chief Executive Officer as soon as possible and will update the market in due course. Until a new Chief Executive Officer is appointed, Iain Lewis will fulfil a dual role of Interim Chief Executive Officer with immediate effect, as well as continuing as Chief Financial Officer, working alongside Gilad Myerson, Executive Chairman and the Company’s experienced Leadership Team.
Gilad Myerson said: “The Ithaca Energy Board thank Alan for his hard work and strategic insight over the last two and a half years and wish him well for the future. The search for a new Chief Executive Officer will start as soon as possible. In the meantime, our strong Leadership Team will continue to manage the business, led by Iain as Interim CEO, working in collaboration with myself and with the support of the Board.”
Alan Bruce said: “I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the Company now established as one of the largest independent operators in the UK. Having led the business through its successful IPO, I am leaving with the Company in a strong financial and strategic position. I would like to thank all of the Ithaca Energy employees who have been instrumental in the Company’s success to date and wish them well in the future.”
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 of 16 April 2014 (MAR) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
Kathryn Reid – Head of Investor Relations, Corporate Affairs & Communications
FTI Consulting (PR Advisers to Ithaca Energy)
+44 (0)203 727 1000
Ben Brewerton / Nick Hennis / Rosie Corbett
Note to editors:
Alan Bruce will be treated in accordance with Ithaca Energy's approved remuneration policy and the terms of his service contract. Further details will be disclosed on Ithaca Energy's website in compliance with Section 430(2B) of the Companies Act 2006 and in the Directors' Remuneration Report within its Annual Report and Accounts for the year ended 31 December 2023.
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.