Ithaca Energy plc

Overview

Ithaca Energy plc is a UK-based independent exploration and production company focused on the North Sea oil and gas sector. The company operates a diverse portfolio of assets, including interests in several key fields such as the Greater Stella Area, and holds a 20% stake in the non-operating Rosebank oil and gas field and a 70% stake in the operating Cambo oil field. Ithaca Energy's operations encompass exploration, development, and production activities, positioning it as one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (UKCS). In October 2024, Ithaca Energy completed a significant business combination with Eni S.p.A., acquiring substantially all of Eni's UK upstream assets. This strategic move enhanced Ithaca's position as a leading UKCS production and growth company, expanding its resource base and operational capabilities. The combination was funded through the issuance of new ordinary shares to Eni UK, representing approximately 38.7% of the enlarged issued share capital of Ithaca. Ithaca Energy is committed to delivering sustainable value to its shareholders by focusing on high-quality assets and operational excellence. The company's growth strategy includes both organic development and value-accretive mergers and acquisitions, aiming to maximize shareholder value while supporting the UK's energy security and decarbonization targets. Ithaca Energy's portfolio is diversified across various sectors, including energy, technology, and infrastructure, reflecting its broad investment approach and commitment to long-term growth.