Tie-up: Ithaca Energy has agreed to buy most of the upstream oil and gas assets owned by Eni UK
Ithaca Energy is to join forces with the UK arm of an Italian oil major in a deal worth more than £750million.
The FTSE 250 North Sea producer has agreed to buy most of the upstream oil and gas assets owned by Eni UK for around £754million.
The pair will form an enlarged group that can produce up to 87,000 barrels of oil per day this year. That figure is expected to rise to 150,000 within the next decade.
The deal will see Eni UK take a 38.5 per cent stake in the enlarged group.
The rest of the stock will be owned by Ithaca Energy shareholders. Gilad Myerson, Ithaca’s chairman, described it as a ‘transformational combination’.
