Ithaca Energy has announced that its acquisition of the entire issued share capital of JAPEX UK E&P ('JUK') from Japan Petroleum Exploration Co., announced on 25 March 2025, has completed with all conditions precedent to the transaction having been satisfied.
The acquisition increases Ithaca Energy’s working interest in the well-understood and high-value Seagull field from 35% to 50%, equalling bp’s interest as the field operator, and adding pro forma 2025 production of approximately 4 – 4.5 kboe/d.
The transaction consideration of US$193 million (based on an effective date of 1 January 2024) amounts to a final completion payment of approximately US$136 million, following customary purchase price adjustments.
Yaniv Friedman, Executive Chairman, commented 'We are delighted to complete the acquisition of JUK, in line with our estimated completion date, illustrating the Group’s proven execution capabilities. The highly accretive acquisition demonstrates the Group’s continued delivery of our low-risk inorganic growth strategy, adding incremental production, reserves and cash flow from a high-quality asset at attractive investment metrics.'
Source: Ithaca Energy
