General – Acquisition
Ithaca Energy announced the acquisition of the entire issued share capital of JAPEX UK E&P Limited from Japan Petroleum Exploration Co.
The acquisition increases Ithaca Energy’s working interest in the well-understood and high-value Seagull field from 35% to 50%, equalling bp’s interest as the field operator, and adding pro forma 2025 production of approximately 4 – 4.5 kboe/d.
The transaction consideration of US$193 million (based on an effective date of 1 January 2024) amounts to a completion payment of approximately US$136 million, following customary purchase price adjustments.
