Ithaca Energy Wraps Siccar Point Energy Buy

Ithaca Energy has completed the previously announced acquisition of the UK North Sea focused oil and gas company Siccar Point Energy.

The proposed acquisition was first announced in April, when it was said that Ithaca would pay for $1.1 billion plus contingent payments totaling a maximum of $360 million.

In a statement on Monday, Ithaca said that it had completed the acquisition "with all conditions having been met."

"The acquisition positions Ithaca as one of the leading E&P operators in the UK North Sea with four of the basin's largest producing fields and some of its largest development projects," Ithaca Energy said.

Gilad Myerson, Executive Chairman of Ithaca Energy, commented: "Completion of the acquisition of Siccar Point marks a key milestone in establishing Ithaca as a leading UK North Sea E&P company with significant production, material growth potential, and a long-life cycle portfolio.  We are excited about the future and welcome our new colleagues from Siccar Point."

Through the acquisition, Ithaca Energy is getting stakes in the producing Schiehallion and Mariner offshore fields, described as being among the top 10 UK producing fields, an interest in the producing Jade gas field, and the Cambo and Rosebank fields, two of the largest undeveloped discoveries in the UK North Sea.

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