UK independent Ithaca Energy and Italian major Eni have entered into an exclusivity agreement centred on Eni’s upstream assets, excluding its carbon capture and Irish Sea assets.
Ithaca and Eni have up to four weeks from March 27 to progress the contractual documentation required in connection with the merger, Ithaca said in a stock-exchange announcement that day. The talks include access to Eni’s expertise if the two agree terms.
The agreement would see Eni contributing its 40-45,00 barrels/day of oil equivalent production in exchange for new Ithaca Energy shares, leaving the Italian company with between 38% and 39% of Ithaca. These assets include four hubs including the J Area and Elgin Franklin. Ithaca would have over 100 boe/d after the deal, making it the largest operator by resources and second largest operator by production.
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