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San Donato Milanese (MI), 3 October 2024 - Eni S.p.A. (“Eni”) is pleased to announce today the completion of the Combination of substantially all of its upstream assets in the UK, excluding East Irish Sea assets and CCUS activities (“Eni UK Business”) with Ithaca Energy plc, (“Ithaca”). The Combination is funded through the issue to Eni UK of such number of new ordinary shares that represents approximately 38.7% of the enlarged issued share capital of Ithaca.
The Combination reaffirms the commitment of Eni in the UK, where it is engaged across the entire energy value chain (oil & gas upstream, renewables, CCS projects, potential future development of magnetic fusion projects). By combining two complementary portfolios, the transaction consolidates Eni's upstream position in the country, where the company sees opportunities for value through growth and optimization.
The transaction again highlights the value of Eni’s distinctive satellite model and aligns with the previous successful upstream combinations that Eni has formed, including Vår Energi in Norway and Azule Energy in Angola. The satellite model addresses the challenges and opportunities of energy markets, by creating focused and lean companies able to attract new capital to create value through operating and financial synergies and the acceleration of growth.
Following the Combination, Eni is a fully committed, long-term and supportive shareholder of Ithaca, that is now positioned as the largest resource holder in the UK North Sea1 with a diversified portfolio of production and development opportunities, that has the ability to underpin material long-term organic growth, delivering the oil and gas essential for energy security while supporting the UK’s decarbonisation targets. With significant optionality across the portfolio, a strong track record in delivering value-accretive M&A and material financial firepower, the Combined Group will continue to be value-driven, focusing on high-grading investment across its range of organic and inorganic growth opportunities to maximise sustainable shareholder value.
The transaction has been approved by the competent authorities and the relevant antitrust regulators.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
If questions are formulated that violate the set security criteria, the system will not proceed with processing the response. Please remember not to send personal data.
By using this service, the users acknowledge that they have read and accepted the terms and conditions of use.
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