Business
Exclusivity Agreement with Eni S.p.A's UK Business
Exclusivity Agreement with Eni S.p.A's UK Business.
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \nTHIS IS AN ANNOUNCEMENT AND NOT A CIRCULAR OR PROSPECTUS OR EQUIVALENT DOCUMENT AND INVESTORS AND PROSPECTIVE INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION ON THE BASIS OF ITS CONTENTS. A CIRCULAR AND PROSPECTUS IN RELATION TO THE COMBINATION DESCRIBED IN THIS ANNOUNCEMENT WILL EACH BE PUBLISHED IN DUE COURSE AS REQUIRED.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n27 March 2024\n \nIthaca Energy plc (\"Ithaca Energy\" or the \"Company\")\nExclusivity Agreement for a potential transformational combination with Eni S.p.A.'s UK Business\n \nIthaca Energy, a leading independent oil and gas operator in the UK North Sea, today announces that it has entered into an exclusivity agreement (the \"Exclusivity Agreement\") in relation to a potential transformational combination with substantially all of Eni S.p.A.'s (\"Eni\") UK upstream assets including the recently acquired Neptune Energy assets, excluding certain assets including Eni's CCUS and Irish sea assets (the \"Potential Combination\").\nPursuant to the Exclusivity Agreement, Eni has granted Ithaca Energy exclusivity in respect of the assets, the subject of the Potential Combination, for a period of 4 weeks from the date of this announcement. Ithaca Energy and Eni have entered into the Exclusivity Agreement to allow time to separately progress the contractual documentation required in connection with the Potential Combination.\nKey highlights of the Potential Combination\n\n\n\n\n- \n\n\nEni will contribute its UK business in exchange for the issuance of new Ithaca Energy shares to Eni, with Eni anticipated to hold between 38% and 39% of the enlarged issued share capital of Ithaca Energy following completion\n\n\n\n\n- \n\n\nEni has a well-diversified asset base across 4 key hubs: Elgin Franklin, J-Area, Cygnus and Seagull; Ithaca Energy is already a partner in the Elgin Franklin and Jade fields\n\n\n\n\n- \n\n\nEni's ...