Ithaca Energy (LON: ITH) and Italy’s Eni have completed a business combination for the vast majority of Eni’s UK upstream oil and gas assets.
The deal excludes Eni’s East Irish Sea assets and CCUS activities.
The combination is funded through the issue to Eni UK of such number of new ordinary shares that represents approximately 38.7% of the enlarged issued share capital of Ithaca. Ithaca Energy controls the remaining share in the company.
The combination includes the formal appointment of Luciano Vasques as CEO and the appointment of two new non-executive directors to its board of directors, chief transition & financial officer, chief operating officer and general manager Francesco Gattei, and chief operating officer for global natural resources and general manager Guido Brusco, as nominees of Ithaca Energy’s second largest shareholder, Eni UK.
Brusco will also join the company’s nomination and governance committee.
The transaction has been approved by the competent authorities and the relevant antitrust regulators.
The combined group was previously expected to have a market capitalisation of around £2 billion.
The combined Ithaca Energy and Eni will have daily production of 100,000 – 110,000 barrels of oil equivalent per day, with ambitions of 150,000 per day by the early 2030s.
This makes it the second-largest independent operator in the North Sea based on 2024 production levels.
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