Fossil Energy – Acquisition
Ithaca Energy has signed a sale and purchase agreement to acquire an additional 46.25% stake in the Cygnus gas field from Spirit Energy for a purchase price of $154 million.
The transaction, based on an effective date of 1 January 2025, will increase Ithaca Energy’s operated interest in Cygnus to 85%.
The Transaction is expected to add 23 mmboe of 2P reserves (as at 1 Jan 2025) and pro forma production between 12.5 – 13.5 kboe/d in 2025, enhancing the balanced production mix of our portfolio through additional gas volumes.
