Ithaca Energy, a leading independent oil and gas operator in the UK North Sea, today announces that it has entered into an exclusivity agreement to deal with Eni's upstream assets in the UK, including the recently acquired Neptune Energy assets but excluding certain assets including CCUS of Eni, those linked to CO2 capture, and Irish maritime assets. This was announced in a press release from the English company.
Pursuant to the exclusivity agreement, Eni has granted IthacaEnergy exclusivity on the assets covered by the Potential Combination for a period of 4 weeks from the date of this announcement.
"Ithaca Energy and Eni - we read - have entered into the Exclusivity Agreement to allow time to separately carry out the contractual documentation required in relation to the Potential Combination".
Under the Potential Combination Eni will contribute its UK operations in exchange for the issue of new shares in Ithaca Energy, with the expectation that Eni will hold between 38% and 39% of the expanded share capital of Ithaca Energy following completion.
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