Ithaca Energy acquires remaining Fotla Discovery stake

Ithaca Energy acquires remaining Fotla Discovery stake

Ithaca Energy PLC – London-based North Sea oil and gas operator – Announces successful completion of acquisition of the remaining 40% stake in the Fotla Discovery and three exploration licences from Spirit Energy. Fotla is located in Block 22/1b of the North Sea and was discovered in August 2021. Ithaca is currently evaluating development plans, aiming for first production in 2026.

Chief Executive Officer Alan Bruce says: “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.”

Current stock price: 165.20 pence, down 1.1% in London on Wednesday

12-month change: down 28%

Published: 02-11-2023