Eni Completes Strategic Combination with Ithaca Energy, Enhancing UK Upstream Position

Eni Completes Strategic Combination with Ithaca Energy, Enhancing UK Upstream Position

(IN BRIEF) Eni S.p.A. has announced the successful completion of its combination with Ithaca Energy plc, consolidating nearly all of Eni’s upstream assets in the UK, excluding those in the East Irish Sea and CCUS activities. This strategic move involves the issuance of new ordinary shares to Eni UK, equating to approximately 38.7% of Ithaca’s enlarged share capital. The combination strengthens Eni’s position in the UK energy market, where it is engaged in various sectors, including oil and gas, renewables, and carbon capture. The merger is designed to leverage growth opportunities and operational synergies, positioning Ithaca as the largest resource holder in the UK North Sea. The transaction has received all necessary regulatory approvals.

(PRESS RELEASE) MILAN, 3-Oct-2024 — /EuropaWire/ — Eni S.p.A. (“Eni”) is excited to announce the successful completion of its combination with Ithaca Energy plc (“Ithaca”), which involves nearly all of Eni’s upstream assets in the UK, excluding those in the East Irish Sea and carbon capture, utilization, and storage (CCUS) activities. This strategic combination is financed through the issuance of new ordinary shares to Eni UK, representing approximately 38.7% of Ithaca’s enlarged issued share capital.

This transaction underscores Eni’s ongoing commitment to the UK energy sector, where the company operates across a comprehensive range of activities, including oil and gas upstream, renewables, and CCS projects, alongside potential advancements in magnetic fusion technologies. By merging their complementary asset portfolios, Eni is solidifying its upstream position in the UK, capitalizing on growth and optimization opportunities.

The deal also exemplifies the effectiveness of Eni’s unique satellite model, which has previously facilitated successful upstream combinations with companies like Vår Energi in Norway and Azule Energy in Angola. This model enables Eni to address the dynamic challenges and opportunities within energy markets, forming streamlined companies that can attract new investments, generate operational and financial synergies, and accelerate growth.

Post-combination, Eni stands as a long-term, committed shareholder of Ithaca, which has emerged as the largest resource holder in the UK North Sea. Ithaca’s diversified portfolio of production and development opportunities is positioned to foster significant organic growth, thereby ensuring a steady supply of oil and gas vital for energy security while also aligning with the UK’s decarbonization goals. With a strong financial foundation and a history of delivering value-enhancing mergers and acquisitions, the combined group will continue to pursue high-value investments across both organic and inorganic growth pathways to maximize sustainable shareholder value.

The transaction has received the necessary approvals from relevant authorities and antitrust regulators.

(1) Welligence, NSAI Ithaca Energy CPR in relation to Ithaca Energy and NSAI Eni CPR in relation to the Eni UK Group, each as of June 30, 2024. Welligence’s assessment of remaining reserves and resources is based on all producing and sanctioned assets in projects with credible pathways to final investment decisions (FID).

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SOURCE: Eni

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