Ithaca Energy to acquire Japex UK E&P for $140 million

Published 25/03/2025, 09:48
© Reuters

Investing.com -- Ithaca Energy (LON:ITH) on Tuesday announced its intention to purchase Japex UK E&P from Japan Petroleum Exploration for an approximate sum of $140 million.

This move is expected to boost Ithaca’s stake in the North Sea’s Seagull oil field.

Currently, Japex holds a 15% working interest in the Seagull oil field. The completion of the deal would see Ithaca’s working interest in the field rise to 50% from the existing 35%.

The transaction is reported to carry an enterprise value of $193 million. This planned acquisition aligns with Ithaca’s strategy to incorporate more high-quality assets into its core market on the U.K. continental shelf.

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