Ithaca Energy snaps up remaining stake in Fotla Discovery and three exploration licences

LONDON, UK: Ithaca Energy (LON: ITH) has announced a deal to buy out its partner Spirit Energy Resources Limited and take full ownership of the Fotla Discovery and three exploration licences in the UK North Sea. The deal, which is subject to regulatory approval and other conditions, will give Ithaca Energy complete control over the development of the Fotla Discovery, which it discovered and appraised earlier this year.

The Fotla Discovery, which lies in Block 22/1b in 431 ft of water, is close to the Ithaca Energy operated Alba field. Ithaca Energy plans to tie the field back to existing infrastructure and start production in 2026. The deal will also give Ithaca Energy access to three additional exploration licences (P.213 Area C, P.345 Area A and P.2536) in the same area.

The deal involves two contingent payments that are capped and linked to the final investment decision and first production of the Fotla Discovery.

Alan Bruce, Chief Executive Officer, Ithaca Energy, said: “This is a great opportunity for Ithaca Energy to take full ownership of the Fotla Discovery and three additional exploration licences. This will allow us to optimise the development of the Fotla Discovery and unlock more value from our high-quality investment portfolio.”

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