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LONDON - Ithaca Energy plc (LON:ITH) has completed its acquisition of JAPEX UK E&P Limited from Japan Petroleum Exploration Co., Ltd., the company announced Monday.
The transaction, initially announced on March 25, increases Ithaca’s working interest in the Seagull field from 35% to 50%, matching bp’s stake as the field operator. The acquisition is expected to add approximately 4-4.5 thousand barrels of oil equivalent per day (kboe/d) to Ithaca’s production for 2025.
The final completion payment amounts to approximately $136 million, following customary purchase price adjustments from the original $193 million consideration, which was based on an effective date of January 1, 2024.
"We are delighted to complete the acquisition of JUK, in line with our estimated completion date, illustrating the Group’s proven execution capabilities," said Yaniv Friedman, Executive Chairman of Ithaca Energy, in a press release statement.
Ithaca Energy, which ranks as the second-largest independent oil and gas company in the United Kingdom (TADAWUL:4280) Continental Shelf by resources, holds stakes in six of the ten largest fields in the UKCS. The company completed its initial public offering on the London Stock Exchange (LON:LSEG) in November 2022.
The transaction aligns with Ithaca’s strategy of pursuing growth through acquisitions in the North Sea region, adding to its portfolio of producing assets.
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