Further to the recent articles published by international media speculating on a  sales process for a package of North Sea oil and gas producing fields by a Chevron Corporation affiliate, and further to its  Periodic Report for 2018, which was released on March 31, 2019, the Company announces that as part of its strategy to expand its activities in the international energy markets and capture additional operational and financial synergies, its wholly-owned subsidiary Ithaca Energy Limited submitted a bid in relation to the Chevron sales process and is in discussions with Chevron in relation to its bid.  

The sales process relates to Chevron's interests in the oil and gas fields Alba, Alder, Britannia (and its satellites), Captain, Elgin/ Franklin, Erskine and Jade located in the UK North Sea. To the extent that any transaction is concluded between the parties it is anticipated that closing would follow in 2019 and would be funded inter alia through a combination of conventional non-recourse debt finance and existing resources. 

It should be noted that there can be no certainty that the submission of a bid or any subsequent discussions will lead to a binding sale and purchase agreement or transaction being concluded.

KeyFacts Energy: UK country page   l   Link to Ithaca Energy UK country profile