1 November 2023
Ithaca Energy plc (“Ithaca Energy” or the “Group”)
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.”
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
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.