Ithaca Energy PLC ( (GB:ITH) ) has issued an announcement.
Ithaca Energy has announced the acquisition of JAPEX UK E&P Limited, increasing its stake in the Seagull oil field in the UK North Sea from 35% to 50%. This strategic move is expected to add significant reserves and production capacity, aligning with Ithaca’s strategy of value-accretive M&A and enhancing its role in the UK energy market. The acquisition also includes substantial tax benefits, reflecting JAPEX’s investment in the field, and positions Ithaca Energy to play a key role in domestic energy security.
More 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. The company has been expanding its portfolio through organic investments and acquisitions, becoming one of the largest independent oil and gas companies in the UK Continental Shelf. Ithaca Energy is committed to sustainable operations and aims to achieve net zero emissions ahead of the North Sea Transition Deal targets.
YTD Price Performance: 24.09%
Average Trading Volume: 1,308,624
Technical Sentiment Signal: Strong Sell
Current Market Cap: £2.27B
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