Press Release

Full Year 2023 Results

27 March 2024


27 March 2024


(“Ithaca Energy”, the "Company" or the “Group”)

Full Year 2023 Results

Robust 2023 operational and financial performance with continued strategic delivery, supporting long- term value creation

Ithaca Energy, a leading UK independent exploration and production company, today announces its audited full year results for the year ended 31 December 2023.



Group adjusted EBITDAX1 ($m)



Net cash flow from operating activities ($m)



Available liquidity1 ($m)



Statutory net income ($m)



Unit operating expenditure1 ($/boe)



Financial key performance indicators (KPIs)

Other KPIs

Total production (boe/d)



Tier 1 process safety events



Serious injury and fatality frequency



Scope 1 and 2 emissions (tCO2e3)



Greenhouse gas intensity (kgCO2e/boe)



1 Non-GAAP measure (see pages 77 to 79)

2023 Strategic and Operational Highlights

  • Full year production of 70.2 thousand barrels of oil equivalent per day (kboe/d), in line with previously stated guidance of 68–74 kboe/d
    • Underpinned by high levels of production efficiency across our operated asset base of 84%
    • Production split 66% liquids and 34% gas
  • Increase in Year-end 2P reserves and 2C resources to 544 mmboe (2022: 512 mmboe)
  • Significant progress across our strategic goals in 2023, delivering against our BUY, BUILD and BOOST


  • Completed acquisitions of the remaining 40% stake in Fotla and 30% stake in Cambo, at minimal near-term cost, providing full control over pre-Final Investment Decision (FID) work programme and timing


  • FID taken to progress Phase I of the Rosebank development, the UK’s largest undeveloped discovery with all major contracts awarded and work underway to upgrade the Petrojarl Knarr FPSO
  • Pre-FID work continues across the Group’s high-value greenfield and brownfield development portfolio including:
    • Actively engaging with potential farm-in partners to enable the future progression of Cambo and Fotla towards FID, subject to fiscal and market conditions
    • Awarded license milestone extensions from 31 March 2024 to 31 March 2026 for Cambo field, on 19 March 2024
    • Captain Electrification FEED study matured to support FID in 2024, subject to market and fiscal conditions
    • Marigold Unitisation and Unit Operating Agreement executed with work progressing on preparation of a Field Development Plan
    • Fotla development concept selection in 2024
    • Successful exploration drilling at the K2 prospect (Ithaca Energy working interest 50%) and appraisal drilling at non-operated Leverett field, with good flow rates achieved (Ithaca Energy working interest 12%)


  • Captain Enhanced Oil Recovery (EOR) Phase II project now substantially complete (>90%), supporting first Phase II polymer injection into the subsea wells in summer 2024 with the remaining project scopes to completion including commissioning and subsea tie-in activities

2023 Financial Highlights

Key financial highlights in-line with estimated results provided in FY 2023 Trading Update on 15 February 2024

  • Adjusted EBITDAX of $1,723 million (2022: $1,916 million) on revenues of $2,319 million (2022: $2,599 million)
  • Net cash flow from operating activities of $1,291 million (2022: $1,723 million)
  • Net Operating costs of $524 million, representing a net unit opex cost of $20.5/boe (2022: $19.0/boe) at the bottom end of lowered management guidance of $525-$575 million. Operating cost performance reflects the success of the Group’s internal cost optimisation projects and stringent cost control, and improved FX rates.
  • Trading performance benefited from the Group’s active hedging policy with $266 million of hedge gains in the year due to realised oil prices of $85/bbl before hedging (2022: $100/bbl) and $82/bbl after hedging (2022: $91/bbl) and gas prices of $76/boe before hedging (2022: $149/boe) and $111/boe after hedging (2022: $137/boe)
  • Net producing asset capital cost of $393 million, at the bottom end of management guidance of $390-$435 million reflecting reduction in planned activity
  • Net capital spend of $97 million on Rosebank development project, in line with management guidance of $90-$110 million and reflecting the meaningful activity in 2023 as project activity ramps up to support a targeted first oil date of 2026/27
  • Strong cash flow generation supported continued deleveraging of the business, reporting a reduction in adjusted net debt from $971.2 million to $571.8 million, representing a Group leverage position of 0.33x (2022: 0.51x), with the Group’s Reserve Based Lending Facility fully paid down
  • Third Interim 2023 dividend declared of $134 million payable in April 2024, delivering against our IPO commitment of a total 2023 dividend of $400 million, representing ~30% of post-tax CFFO for the year

Guidance and Outlook 2024

  • We expect full year 2024 production in range of 56-61 kboe/d reflecting:
    • A reduction in investment in near-term projects as a direct result of the Energy Profits Levy including deferred or cancelled projects at the Greater Stella Area, Montrose Arbroath Area, Elgin Franklin Area and Alba
    • Longer path to Captain EOR II polymer well driven peak production, which is now expected in 2026. Ultimate reserve recovery of EOR Phase I and II remains unchanged
    • Operational issues at non-operated Pierce and Schiehallion fields and compressor issues at Erskine’s host facility (Lomond) impacting production in Q1 2024
  • FY 2024 net operating cost guidance range of $540–590 million driven partly by tariff revenue reductions in the Greater Stella Area due to third party field production decline
  • FY 2024 net producing asset capital cost guidance range of $335-385 million (excluding pre-FID projects and Rosebank development)
  • FY 2024 net Rosebank project capital cost guidance range of $190-230 million
  • FY 2024 cash tax guidance of $345-355 million
  • Drawdown on unutilised capex carry arrangements of $150 million
  • Reaffirming dividend policy for 2024 targeting dividend at the top end of our capital allocation policy range of 15 - 30% post-tax CFFO


  • Beyond 2024, the Group expects production growth through the medium-term with a return towards 80 kboe/d by 2027, as we see the full benefit of investment in our Captain EOR Phase II project and first production from the sanctioned Rosebank development
  • Strategic M&A focus on adding complementary cash-generative production portfolios that will support our investment in long-term organic growth opportunities to build a portfolio of significant scale and longevity
  • Continued focus on advancing high-value development projects and preserving optionality across our portfolio while prioritising capital allocation to maximise sustainable shareholder returns

Exclusivity Agreement for a potential transformational combination with Eni S.p.A.’s UK Business

  • Ithaca Energy today announces that it has entered into an exclusivity agreement (the “Exclusivity Agreement”) in relation to a potential transformational combination with substantially all of Eni S.p.A.’s (“Eni”) UK upstream assets including the recently acquired Neptune Energy assets, excluding certain assets including Eni’s CCUS and Irish sea assets (the “Potential Combination”)
  • Pursuant to the Exclusivity Agreement, Eni has granted Ithaca Energy exclusivity in respect of the assets the subject of the Potential Combination for a period of four weeks from the date of this announcement. Ithaca Energy and Eni have entered into the Exclusivity Agreement to allow time to separately progress the contractual documentation required in connection with the Potential Combination.

Key highlights of the Potential Combination

  • Eni will contribute its UK business in exchange for the issuance of new Ithaca Energy shares to Eni, with Eni anticipated to hold between 38% and 39% of the enlarged issued share capital of Ithaca Energy following completion
  • Eni has a well-diversified asset base across four key hubs: Elgin Franklin, J-Area, Cygnus and Seagull; Ithaca Energy is already a partner in the Elgin Franklin and Jade fields
  • Eni’s UK business had 2023 pro forma production of 40-45 kboe/d and 2P reserves of c.100 mmboe as at 31 December 20231
  • The Potential Combination would represent a value-accretive opportunity for Ithaca Energy’s shareholders, supporting delivery of the Company’s BUY, BUILD and BOOST strategy
  • The Potential Combination would:
    • Add significant scale and diversification to Ithaca Energy’s business: Significantly growing pro-forma production to above 100 kboe/d, creating the 2nd largest independent operator in the UKCS by production2
    • Create a leading UKCS portfolio: Enhancing Ithaca Energy’s status as the largest independent operator by resource, holding stakes in 6 of the 10 largest fields3
    • Enable material future growth for Ithaca Energy: Boost near-term cash flows to unlock growth from Ithaca Energy’s development projects whilst supporting shareholder returns
    • Create a long-term strategic partnership with Eni: Eni would become a major shareholder in the enlarged group supportive of delivery of Ithaca Energy’s BUY, BUILD and BOOST strategy. It is contemplated that Ithaca Energy would have access to Eni’s leading technical expertise to drive future growth.
  • Ithaca Energy anticipates that the Potential Combination will require shareholder approval as a Class 1 transaction. Additionally, as Eni UK will hold between 38% and 39% of the voting rights of Ithaca Energy at completion of the Potential Combination, a mandatory offer would normally be required under Rule 9 of the UK Code on Takeovers and Mergers (the “Takeover Code”). However, given that Delek Group will still hold shares carrying more than 50% of the voting rights following completion of the Potential Combination, the UK Panel on Takeover and Mergers (the “Panel”) have granted a dispensation from Rule 9 pursuant to note 5 (b) of Rule 9 under the Takeover Code. Accordingly, completion of the Potential Combination will not be conditional upon and will not require approval by Ithaca Energy’s independent shareholders in relation to a Rule 9 waiver.
  • Although the discussions are at an advanced stage, there can be no certainty that a Potential Combination will occur, nor as to the final terms or timing on which a Combination might be concluded.

Executive Chairman, Gilad Myerson, commented: “I am delighted to share the news that we have entered into an Exclusivity Agreement with Eni S.p.A to explore a transformational combination with Eni UK’s upstream assets. We believe this potential combination would be a strong strategic fit with Eni UK’s cash generative portfolio complementing Ithaca Energy’s high-quality, long-life asset base with significant development opportunity.

Eni has a proven track record of value creation through its strategic satellite model with regional exploration and production companies including successful joint ventures in Norway and Angola with Vår Energi and Azule Energy respectively. We look forward to updating the markets in the coming month.”

Interim Chief Executive Officer and Chief Financial Officer, Iain Lewis, commented: “We have made material progress in 2023, executing against our BUY, BUILD and BOOST strategy including the milestone sanctioning of Phase I of the Rosebank development and the significant progress towards delivering our Captain EOR Phase II project.

I am pleased to share a strong set of financial results for 2023, despite the significant fiscal and political headwinds we have faced in the year. The Energy Profits Levy continues to have a direct impact on investment in the UK North Sea, with projects across our operated and non-operated deferred or cancelled. The extension of the Energy Profits Levy by a further year to a sunset date of March 2029, highlights the continued fiscal uncertainty our sector faces.”

Ithaca Energy will host an in person and virtual presentation and Q&A session for investors and analysts at 09:00 GMT today, 27 March 2024, accessible via our website: https://investors.ithacaenergy...

1 Wood Mackenzie

2 Wood Mackenzie

3 Wood Mackenzie

Performance Overview

Executing our BUY, BUILD and BOOST Strategy

We made significant progress across our strategic goals in 2023, delivering against our BUY, BUILD and BOOST strategy to support the material long-term growth of the Group. We continue to focus on maximising value from across our diverse portfolio with targeted investment in high-quality assets demonstrating our commitment to investing in the UK North Sea.

In 2023, we were delighted to announce the landmark sanctioning of Phase I of the Rosebank development, with total recoverable resources over 300 mmboe and Phase I gross reserves of 234 mmboe. As the UK’s largest undeveloped discovery, the field will provide critically important domestic energy, supporting a forecasted 7% of UK oil production from first production to 2030. And crucially, with its low carbon emissions design, the field has the potential to produce at a fraction of the world’s average CO2 emissions contributing to both the UK’s energy security and Net Zero objectives.

The Rosebank development is core to Ithaca Energy’s BUILD strategy, executing on the material development portfolio acquired from Siccar Point Energy in 2022. With estimated net production of 15 kboe/d at the field’s peak and a production life of 25 years, the field supports the Group’s medium to long-term production growth. After taking the Final Investment Decision (FID), project activity has ramped up with work underway on upgrading the Petrojarl Rosebank FPSO (previously named Petrojarl Knarr), including making the vessel electrification ready in line with the North Sea Transition Deal. In 2024, work will commence on the installation of templates and satellite structures as part of the multi-year development timeline towards first production in 2026/27.

At Captain, material progress was made during the year on executing Phase II of our pioneering polymer Enhanced Oil Recovery (EOR) project with the project now over 90% complete and on track to support first Phase II polymer injection into the subsea wells in summer 2024. Remaining work scopes include final commissioning activities on the topsides, subsea tie-in campaign and completion of the drilling programme (completed during Q1 2024).

The EOR Phase II project, designed to maximise and accelerate reserve recovery from Captain and deliver on our strategy to BOOST field performance, will build on the success of the first phase of polymer injection with over 12 mmbbls recovered to date. Extensive subsurface modelling completed in H2 2023 to refine the predicted EOR Phase II polymer response, based on reprocessed seismic and latest field performance, has successfully confirmed initial overall EOR Phase II reserve recovery predictions. However, our expectation is that Captain production will now follow a longer path to peak response with production expected to peak in 2026, before plateau.

The Group continues to leverage our M&A capabilities to deliver on our BUY strategy evaluating potential inorganic opportunities both in the UK and internationally. In 2023, the Group acquired the remaining stakes of the Cambo and Fotla fields with the aim of preserving the long-term value of our assets by taking full control of pre-FID work programmes and timing.

Following the successful extension of the Cambo license milestones from 31 March 2024 to 31 March 2026, the Group is actively engaging with potential farm-in partners to secure an aligned joint venture partnership that would enable the future progression of the Cambo project towards FID.

In line with the Group’s BUILD strategy we continue to target high-return tie-back opportunities close to existing infrastructure to maximise reserve recovery. In 2023, the Group reported positive appraisal activity at its non-operated Leverett discovery (Ithaca Energy Working Interest: 12%) and successful exploration drilling at its operated K2 prospect (Ithaca Energy Working Interest: 50%), however, the subsequent side-track encountered significant operational issues due to severe weather caused by Storm Babet and the sidetrack was suspended.

Strong delivery against 2023 management guidance

Our production in 2023 averaged 70.2 kboe/d (2022: 71.4 kboe/d), closing the year towards the mid-point of our 68-74 kboe/d production guidance range. Production was split 66% liquids and 34% gas with the Group’s operated assets accounting for 51% of total 2023 production.

Our production performance in 2023 has been supported by strong production efficiency across our operated base of 84%, reflecting our commitment to maximise asset value through operational excellence. Most notably at FPF-1, where our focus on value and our investment in driving operational efficiency and uptime improvements continues to yield production efficiency rates above 90%.

Production from our non-operated portfolio was impacted by the delayed start-up and curtailed production from the Pierce field, where operational issues related to the vessel mooring system have temporarily shut down production from the field. We expect this issue to be rectified during H1 2024.

Operating costs in 2023 of $524 million (2022: $496 million), representing a net unit Opex cost of $20.5/boe (2022: $19.0/boe), came in below revised and lowered management guidance of $525 million to $575 million, reflecting the Group’s stringent focus on cost control in an inflationary environment, improved FX rates and a reduction in planned activity.

Total net producing asset capital expenditure (excluding decommissioning) of $393 million (2022: $405 million), came in at the bottom end of the Group’s management guidance range of $390 million to $435 million. Net capital expenditure on the progression of the Rosebank development totalled $97 million, compared to management guidance of $90 million to $110 million reflecting the meaningful activity in 2023 as project activity ramps up to support a targeted 2026/27 first oil date.

During 2023, the Group launched a cost optimisation project focused on maintaining tight control on expenditure across our operated and non-operated assets and corporate overhead base. The project was successful in continuing to build upon Ithaca Energy’s strong cost culture and delivered more than $100 million of cash savings during the year.

Strong safety performance is critical to our continued success

Safety is our non-negotiable, number-one priority and is central to our business success – we do it safely or not at all. The Group delivered a slightly improved safety performance in 2023, with fewer Tier 1 and Tier 2 process safety events recorded in the year (2023: 1 Tier 1 and 2 events, 2022: 2 Tier 1 and 2 events). However, we believe there are areas for continued improvement and the Group is responding to an increase in personal safety incidents and process safety near misses in the final quarter of the year by revisiting the tone of safety leadership across the business.

Major accident prevention has been a core focus area in 2023, with the introduction of a process safety barrier tool across all operating locations designed to strengthen our defences against high-potential incidents and process safety events. The Process Safety Fundamentals programme supports greater visibility of our Major Accident Hazard (MAH) risks and aims to enable front-line workers to focus on process safety where potential for MAH events present in day-to-day operations. We will continue to support the roll-out of the barrier tool in 2024 with the aim of improving our focus on process safety risks and maintaining focus on preventing high-consequence events.

Meaningful focus on Decarbonisation

As we continue to progress short-term emissions reductions projects, we have made significant progress towards our long-term emissions reduction strategy, following the decision to proceed with the development of the low emission intensity Rosebank field. Development of Rosebank will act as a material catalyst as the Group looks to fundamentally transition our portfolio to low-intensity assets in the medium to long-term, as older higher-intensity assets move closer to the natural end of their life.

The Rosebank FPSO has been designed to be electrification ready as part of its optimised design to reduce carbon emissions, in line with the North Sea Transition Deal. The Group is collaborating with Equinor (as Operator), industry partners and government to pursue a regional solution for power from shore to Rosebank and nearby fields to minimise carbon emissions from production. With full electrification, it is estimated that the Rosebank lifetime upstream CO2 intensity would decrease from 12kg to approximately 3kg CO2/boe – a seventh of the current UK average of 21kg CO2/boe and a fraction of the emissions intensity associated with importing.

The Group’s Scope 1 and 2 GHG emissions across our operated profile reduced from 483,325 tCO2e in 2022 to 435,792 tCO2e in 2023, representing a slight increase per barrel from 23.8kg CO2/boe to 25.0kg CO2/boe, due to a reduction in operated assets production in 2023 versus 2022, and an absolute reduction of 23%, compared to our 2019 baseline. The 23% reduction achieved in 2023 versus the Group’s 2019 baseline, reflects reductions achieved through operational improvements of 12%, as well as a 11% reduction in emissions associated with Alba’s John Brown turbine outage during the year, which is not expected to be a recurring reduction. We continue to work hard to deliver our targeted 25% reduction in Scope 1 and 2 CO2e emissions on a net equity basis by 2025 and remain on track to reach this target.

2023 has seen continued progress across our operated portfolio delivering operational improvements at FPF- 1 and Captain, while expanding our focus to more material emission reduction initiatives such as the potential for electrifying our flagship Captain field. Following a successful conclusion of a pre-Front-End Engineering and Design (FEED) study in Q1 2023, FEED activity commenced in Q2 and has been matured to support a Financial Investment Decision in the coming months. With over 70% of Captain’s GHG emissions related to power generation, partial electrification of the asset has the potential to substantially reduce emissions intensity and is critical to the Group’s ability to achieve its targeted 50% reduction in Scope 1 and 2 CO2e emissions on a net equity basis by 2030. We continue to seek assurances from the UK government to ensure the protection of the decarbonisation allowance on sanctioned projects to protect the economic viability of the project. In parallel, the Group will determine investment viability as projects compete for capital following a reduction in cash flow available for reinvestment as a result of the continued impact of the Energy Profits Levy.

Robust cash flow generation supporting low leverage position

In 2023, we delivered another year of strong cash flow generation supporting the further strengthening of our balance sheet. Our diversified, high-quality asset base reported adjusted EBITDAX of $1.7 billion (2022:

$1.9 billion), generated free cash flow of $0.7 billion (2022: $1.1 billion), lowering our adjusted net debt position to $571.8 million at year-end (2022: $971.2 million), representing an adjusted net debt to adjusted EBITDAX ratio of 0.33x (2022: 0.51x).

With a robust available liquidity position at 31 December 2023 of over $1 billion (2022: $0.6 billion), the Group has sufficient available capital to support our future growth plans. During 2023, we have entered into attractive lending arrangements that supplement our existing capital structure including a five-year $100 million term loan facility agreement with bp at a commercial interest rate, and a $150 million project capex carry arrangement which was unutilised at the year-end.

Profit for the year of $215.6 million (2022: $1,031.5 million), was impacted by a $557.9 million pre-tax impairment charge (post-tax $154.0 million), principally in relation to the Greater Stella Area (GSA) and Alba, together with other gains of $89.1 million in the period. The impairment charge for GSA follows the decision not to proceed with further infill drilling at Harrier, as a direct result of the Energy Profits Levy (EPL) and falling gas prices and in relation to Alba due to the reduction in estimated future production.

Following revisions to the Energy Profits Levy in November 2022, that saw the rate of EPL rise to 35%, the Group incurred current EPL charges of $333.4 million in the year (2022: $131.4 million), with the charge payable in October 2024. The Group’s cash flows continue to be protected by our tax efficient structure with a material ring fence corporate tax and supplementary charge tax loss position of $4.5 billion at year-end.

The importance of the Group’s robust hedging policy has been highlighted in the year, with hedging gains recorded of $266 million. As we move into 2024, we continue to take a disciplined approach to hedging, recognising the importance of balancing upside exposure to commodity prices while managing downside protection of our cash flows. At year-end, the Group has a hedged position of 8.2 million barrels of oil equivalent (mmboe) (57% oil) from 2024 into 2025 at an average price floor of $78/bbl for oil and 135p/therm for gas.

In our first full year as a listed company, we are delighted to report that our strong financial performance in the year has supported the delivery of our 2023 dividend target. The Board has declared a further interim dividend of $134 million in respect of the 2023 financial year, bringing our overall 2023 dividend to $400 million, representing ~30% post-tax cash flow from operations (CFFO) in the year.


Following a successful year of progress against our BUY, BUILD and BOOST strategy in 2023, we enter 2024 with a strong and diverse portfolio of cash-generative assets and increased 2P Reserves and 2C Resources of 544 mmboe (2022: 512 mmboe) following the acquisition of the remaining stakes in Cambo and Fotla, offset by a full year of production. With further strengthening of our balance sheet in 2023, we are well positioned to continue to deliver against our capital allocation framework supporting our long-term growth aspirations.

Through strategic acquisitions we have preserved our investment optionality across our portfolio with significant brownfield and greenfield development opportunities such as Cambo, Marigold, Fotla and Tornado and infill drilling at Montrose, Schiehallion and Mariner. With further consolidation in the sector likely due to continued market dislocation, our focus in 2024 will be on prioritising investment across our portfolio alongside the potential for value-accretive M&A to maximise shareholder returns.

As a direct result of the Energy Profits Levy, investment across the UK North Sea during 2023 has been significantly impacted, as the UK competes for capital across global portfolios. Our 2024 production guidance of 56-61 kboe/d reflects the impact of deferred or cancelled projects across our operated and non-operated asset base including in the Greater Stella Area, Montrose Arbroath Area, Elgin Franklin Area and Alba.

Beyond 2024, the Group expects production growth through the medium-term with a return towards 80 kboe/d by 2027, as we see the full benefit of investment in our Captain EOR Phase II project and first production from the sanctioned Rosebank development.

Our operating cost guidance for 2024 of $540-590 million reflects our continued focus on cost control but increasing net costs from the $524 million 2023 outturn, due partly to tariff revenues reducing with lower third-party throughput at Greater Stella Area. As a result of forecasted reductions in 2024 volumes we expect an increase in unit operating cost per barrel in the short-term.

Our mid-term ambition is to drive down our average operating cost per barrel as we transition our portfolio to earlier-life assets from mature assets with a significantly lower unit operating cost profile.

Our producing asset capital cost guidance of $335-385 million (excluding capital investment for projects awaiting Final Investment Decision and Rosebank), reflects investment in executing the final stages of the Captain EOR Phase II project to completion and first injection in the subsea wells, continued drilling at Mariner and Schiehallion and facilities upgrades at Captain. In 2024, we forecast capital spend on the Rosebank development to be in the range of $190-230 million reflecting a significant ramp up of activities including FPSO upgrades and installation of subsea templates and satellites structures.

Ithaca Energy is targeting a 2024 dividend at the top end of its capital allocation policy range of 15 - 30% post-tax CFFO.


Ithaca Energy

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

The information contained within this announcement is deemed by Ithaca Energy to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). By the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for making this announcement on behalf of Ithaca Energy is Julie McAteer, General Counsel and Company Secretary.

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.