Ithaca Energy to acquire Eni’s upstream assets in UK for £754m

Ithaca Energy has reached an agreement to acquire Eni‘s UK upstream oil and gas assets in a deal valued at approximately £754m ($937.7m). The deal will see Ithaca issue 635 million shares to Eni, granting the Italian oil and gas company a 38.5% stake in the expanded Ithaca share capital. Under the agreement, Ithaca will acquire all of Eni’s upstream assets in the UK, excluding its East Irish Sea assets and carbon capture and storage activities.  

The deal, which follows an exclusivity agreement signed last month, includes interests from Eni’s recent acquisition of Neptune Energy.  Eni’s UK assets encompass a mix of operated and non-operated interests in various producing fields such as the Cygnus field, the Elgin Franklin area, Glenelg, J-Area (including Judy, Joanne, Jasmine and Jade), Seagull and Tommeliten A.