Ithaca Energy gets bid rights on Eni’s British assets.

Israeli-owned Ithaca Energy has been granted a four-week exclusivity period by Italy's Eni to make an offer for UK exploration and production assets, which could substantially expand Ithaca's output. If Ithaca buys these assets, including those of Eni's recently acquired Neptune Energy, it could raise Ithaca's daily output by 40,000-45,000 barrels of oil equivalent, taking the total to over 100,000 boe/d. In return, Ithaca would issue new shares to Eni, which would own around 38-39% of Ithaca's enlarged share capital.

March 27, 2024
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