Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Ithaca Energy PLC - London-based North Sea oil and gas operator - Announces successful completion of acquisition of the remaining 40% stake in the Fotla Discovery and three exploration licences from Spirit Energy. Fotla is located in Block 22/1b of the North Sea and was discovered in August 2021. Ithaca is currently evaluating development plans, aiming for first production in 2026.
Chief Executive Officer Alan Bruce says: ‘We are delighted to announce the completion of this acquisition, which provides Ithaca Energy with full control over the pre-final investment decision work programme and timing of project sanction. The deal strengthens our high-quality development portfolio and demonstrates further delivery of our clearly articulated strategy.’
Current stock price: 165.20 pence, down 1.1% in London on Wednesday
12-month change: down 28%
Copyright 2023 Alliance News Ltd. All Rights Reserved.