Eni S.p.A. (Eni) is pleased to announce today the completion of the Combination of substantially all of its upstream assets in the UK, excluding East Irish Sea assets and CCUS activities (“Eni UK Business”) with Ithaca Energy plc, (Ithaca). The Combination is funded through the issue to Eni UK of such number of new ordinary shares that represents approximately 38.7% of the enlarged issued share capital of Ithaca.

The Combination reaffirms the commitment of Eni in the UK, where it is engaged across the entire energy value chain (oil & gas upstream, renewables, CCS projects, potential future development of magnetic fusion projects). By combining two complementary portfolios, the transaction consolidates Eni's upstream position in the country, where the company sees opportunities for value through growth and optimization.

The transaction again highlights the value of Eni’s distinctive satellite model and aligns with the previous successful upstream combinations that Eni has formed, including Vår Energi in Norway and Azule Energy in Angola. The satellite model addresses the challenges and opportunities of energy markets, by creating focused and lean companies able to attract new capital to create value through operating and financial synergies and the acceleration of growth.

Following the Combination, Eni is a fully committed, long-term and supportive shareholder of Ithaca, that is now positioned as the largest resource holder in the UK North Sea1 with a diversified portfolio of production and development opportunities, that has the ability to underpin material long-term organic growth, delivering the oil and gas essential for energy security while supporting the UK’s decarbonisation targets. With significant optionality across the portfolio, a strong track record in delivering value-accretive M&A and material financial firepower, the Combined Group will continue to be value-driven, focusing on high-grading investment across its range of organic and inorganic growth opportunities to maximise sustainable shareholder value.

The transaction has been approved by the competent authorities and the relevant 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 at 30 June 2024. Welligence’s view of remaining reserves and resources based on an all producing/sanctioned assets in projects where they have confidence that they will progress and line of sight to FID.

About Eni

Eni (NYSE: E) is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

About Ithaca Energy plc

Ithaca Energy is a leading UK independent exploration and production company focused on the UKCS with a strong track record of material value creation. In recent years, the Group has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centered upon two transformational acquisitions in recent years and now the Combination. Today, following completion of the Combination Ithaca Energy is the largest resource holder in the UKCS. With stakes in six of the ten largest fields in the UKCS and two of UKCS's largest pre-development fields, and with energy security currently being a key focus of the UK Government, the Group believes it can utilise its significant reserves and operational capabilities to play a key role in delivering security of domestic energy supply from the UKCS.

Ithaca Energy serves today’s needs for domestic energy through operating sustainably. The Group achieves this by harnessing Ithaca Energy’s deep operational expertise and innovative minds to collectively challenge the norm, continually seeking better ways to meet evolving demands.

Ithaca Energy's commitment to delivering attractive and sustainable returns is supported by a well-defined emissions-reduction strategy with a target of achieving net zero ahead of targets set out in the North Sea Transition Deal.

Ithaca Energy was admitted to trading on the London Stock Exchange (LON: ITH) on 14 November 2022 and is admitted to the ESCC Category of the Official List.