Ithaca Energy acquires JAPEX UK E&P

Ithaca Energy signed a sale and purchase agreement to acquire the entire issued share capital of JAPEX UK E&P Limited (JUK) from Japan Petroleum Exploration for an enterprise value of $193 million based on an effective date of 1 January 2024. JUK holds a 15% working interest in the Seagull oil field in the UK North Sea.

The Seagull oil field, with over 300 mmboe in place, represents a high margin producing field, developed as a subsea tie back to the BP-operated central processing facility of the Eastern Trough Area Project. Production started in November 2023 from the J1 well. J2 and J3 wells are now online, with the fourth well, J4, due onstream in H2 2025. The field is expected to remain in production until the mid-2030s.