Fossil Energy – Exclusivity Agreement
Ithaca Energy, a leading independent oil and gas operator in the UK North Sea, today announces that it has entered into an exclusivity agreement in relation to a potential transformational combination with substantially all of Eni UK upstream assets including the recently acquired Neptune Energy assets, excluding certain assets including Eni’s CCUS and Irish sea assets.
Pursuant 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.
Eni 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