Ithaca Energy buys remaining 40% of Fotla discovery in North Sea

Ithaca Energy PLC on Wednesday said it has acquired the 40% of the Fotla oil discovery that it didn't already own, as well as three exploration licenses also in the North Sea from Spirit Energy Resources Ltd.

The North Sea oil and gas operator said the acquisition will bring its working interest in Fotla to 100%, giving the firm full control over pre-final investment decision work and timing.

It also acquired the P.213 Area C, P.345 Area A and P.2536 exploration licenses.

The company noted that development plans for the Fotla discovery in the North Sea are currently being evaluated, with first oil production expected in 2026. The field was discovered in 2021.

The firm said it will pay two capped contingent payments, two thirds of which are payable on a final investment decision, while the remaining third will be paid on first production. It did not disclose the amounts.

Chief Executive Alan Bruce said: "We are pleased to announce the acquisition of the remaining stake in the Fotla discovery and three additional exploration licenses. The acquisition will provide Ithaca Energy with full control over the pre-final investment decision work programme and timing of project sanction as we seek to maximise value from our high-quality investment portfolio."

Ithaca shares were up 1.4% to 145.18 pence each on Wednesday morning in London.

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