Ithaca Energy today announced that its acquisition of Siccar Point Energy, announced on 7 April 2022, has completed with all conditions having been met. The acquisition positions Ithaca as one of the leading E&P operators in the UK North Sea with four of the basin’s largest producing fields and some of its largest development projects.

Gilad Myerson, Executive Chairman of Ithaca Energy, commented:
“Completion of the acquisition of Siccar Point marks a key milestone in establishing Ithaca as a leading UK North Sea E&P company with significant production, material growth potential, and a long-life cycle portfolio. We are excited about the future and welcome our new colleagues from Siccar Point.”

The acquisition of Siccar Point’s assets across the West of Shetland, Northern North Sea and Central North Sea, will add significant production, material growth potential, and a long-life cycle to the Company’s portfolio. The acquisition will also double Ithaca’s recoverable reserves and support production of at least 80,000 – 90,000 boe/d through the next decade, with the potential to increase this through further portfolio opportunities.

KeyFacts Energy: Ithaca Energy UK country profile