Siccar Point Energy has announced it has signed a sale and purchase agreement with Ithaca Energy. The transaction is expected to close around the end of Q2 2022. Jonathan Roger, CEO of Siccar Point Energy, commented:

“We are proud of what Siccar Point Energy has achieved as a result of the dedication of our team and support of our sponsors, Blackstone and Bluewater, and combining our business with Ithaca Energy is a natural step to take the portfolio through the next stage of organic growth. Ithaca is extremely well placed, given its material production base, to pick up the baton and unlock the significant growth opportunities in the Siccar Point portfolio. This will ensure the UK continues to deliver reliable UK oil and gas production for powering homes and businesses and manufacturing essential products, maintaining energy security during the planned energy transition. We look forward to working with the Ithaca Energy team to support the integration of the businesses.”

About Siccar Point Energy

Siccar Point Energy is a full cycle production, development and exploration company focussed on high quality, low cost, long life assets on the UK Continental Shelf. The Company’s strategy is to build a portfolio of assets where they can utilise their extensive North Sea experience to create value through follow on investment and reserves growth.
They have interests in four of the largest UK assets by remaining reserves (Schiehallion, Mariner, Cambo and Rosebank) as well as an extensive portfolio of additional high quality material development and exploration opportunities. The Company is led by CEO Jonathan Roger and is headquartered in Aberdeen.

About Ithaca Energy

Ithaca Energy is an independent oil and gas company with production, development and exploration operations focused on the UK North Sea. The Company was founded in 2004 and has grown through a combination of acquisitions and new field developments. Our strategy is focused on establishing the company as a leading North Sea operator, delivering sustainable growth in free cash flow generation, underpinned by operational excellence and financial discipline.

Ithaca Energy is a wholly owned subsidiary of the Tel Aviv stock exchange listed Delek Group Limited (TASE: DLEKG, US ADR: DGRLY), Israel’s leading integrated energy company.