General – Upstream Assets
Eni announced the completion of the combination of substantially all of its upstream assets in the UK, excluding East Irish Sea assets and CCUS activities with Ithaca Energy.
The combination is funded through the issue to Eni UK of such a number of new ordinary shares that represent approximately 38.7% of the enlarged issued share capital of Ithaca.
The combination reaffirms the commitment of Eni in the UK, where it is engaged across the entire energy value chain (oil & gas upstream, renewables, CCS projects, and potential future development of magnetic fusion projects).
By combining two complementary portfolios, the transaction consolidates Eni’s upstream position in the country, where the company sees opportunities for value through growth and optimization.
The transaction again highlights the value of Eni’s distinctive satellite model and aligns with the previous successful upstream combinations that Eni has formed, including Vår Energi in Norway and Azule Energy in Angola.
The satellite model addresses the challenges and opportunities of energy markets, by creating focused and lean companies able to attract new capital to create value through operating and financial synergies and the acceleration of growth.
