(CercleFinance.com) – Ithaca Energy, one of the leading independent oil and gas operators in the North Sea in the United Kingdom, announces the conclusion of an exclusivity agreement with Eni, as part of a possible merger with the company and in particular its upstream assets (known as ‘upstream assets’).
‘Eni has granted Ithaca Energy exclusivity regarding the assets subject to the potential combination, for a period of 4 weeks from the date of this announcement,’ indicates the Ithaca Energy press release.
Ithaca Energy and Eni entered into the exclusivity agreement to allow time to separately progress the contractual documentation required as part of the potential combination.
It is expected that Eni will contribute its UK operations in exchange for the issuance of new shares in Ithaca Energy to Eni. The Italian hydrocarbons company is expected to hold between 38 and 39% of the enlarged share capital of Ithaca Energy following the completion of the transaction
‘Although discussions are at an advanced stage, there can be no certainty as to the completion of a potential combination, nor as to the final terms or timetable on which a potential combination could be concluded,’ emphasizes Ithaca Energy.
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