Portfolio expands

Ithaca acquires North Sea assets in $224m deal

Ithaca Energy: expanding in North Sea

Ithaca Energy has expanded its North Sea portfolio by acquiring assets from Summit Exploration and Production for $224m.

Ithaca is buying small stakes in the Elgin-Franklin hub as well as the Seal and Gael pipelines, with several other offshore exploration licences also changing hands.

The agreement is subject to normal completion activities including consent from the North Sea Transition Authority

In November it acquired 13.3% additional equity interest in the Alba field from Mitsui E&P UK, taking Ithaca’s interest in the Alba field to 36.7%

Also that month an agreement was signed to acquire assets from Marubeni Oil & Gas UK for $280m, of which $70m is deferred to 2025.

The agreement completed on 4 February and gives Ithaca non operated working interests which will contribute approx. 7 kboe/d to production in 2022

For the year to the end of December Ithaca yesterday posted EBITDAX of $1.036bn including realised gains of $115m on the commodity hedging instruments that were reset in 2020.

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