This is the second acquisition for Ithaca Energy this year
London-listed independent Ithaca Energy has completed the acquisition of a 46.25% stake in the UK North Sea Cygnus field from partner Spirit Energy.
The acquisition, first announced in May, brings Ithaca’s stake in the field to 85% and adds 23 million barrels of oil equivalent in proven plus probable reserves, the operator said on Wednesday.
“We’re very pleased to complete the transaction with our partner Spirit Energy and further execute on the Group’s strategy to pursue value-accretive M&A, adding high-quality assets in our core UKCS market,” said Ithaca executive chairman Yaniv Friedman.
Cygnus, located in the Southern North Sea, is the largest gas field on the UK Continental Shelf and the increased stake will add between 12,500 and 13,500 barrels of oil equivalent per day this year in pro forma production to Ithaca’s portfolio.
The Cygnus deal is one of two acquisitions made by Ithaca this year and positions the operator as one of the largest producers in the UK North Sea with output expected to hit around 140,000 boepd by the end of the year.
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