Press release
Ruling in relation to Rosebank Judicial
Review
Ithaca Energy plc ("Ithaca Energy"
or the "Company") welcomes today's ruling and is pleased with the
outcome, which allows us to continue progressing the Rosebank
project while we await new consents. Equinor, as operator of the
Rosebank project, remain confident that the project timeline
remains on track, with the start-up still planned in
2026/2027.
The Rosebank development is expected
to lead to £8.5 billion of total direct investment, of which
£6.6 billion is likely to be invested in UK-based businesses. To
date the Rosebank JV partnership has already committed over £2.2bn
on developing Rosebank, awarding vital contracts across the supply
chain and employing personnel to deliver the work. The project is
expected to support around 2,000 jobs during the height of the
construction phase of the project, and it will continue to support
approx. 525 UK-based jobs during the lifetime of the
field.
Ithaca Energy, together with Equinor
as Operator, will continue to work closely with the Regulators and
Department for Energy Security and Net Zero (DESNZ) to progress the
Rosebank project. This includes submitting a downstream end user
combustion emissions ('scope 3') assessment in full compliance with
the Government's new environmental guidance which is targeted to be
published this spring.
Enquiries
About Ithaca Energy plc
Ithaca Energy is a leading UK
independent exploration and production company focused on the UK
North Sea with a strong track record of material value creation. In
recent years, the Company has been focused on growing its portfolio
of assets through both organic investment programmes and
acquisitions and has seen a period of significant M&A driven
growth centred upon three transformational acquisitions in recent
years, including the recent Business Combination with Eni UK.
Today, Ithaca Energy is one of the largest independent oil and gas
companies in the United Kingdom Continental Shelf (the "UKCS"),
ranking second largest independent by production with the largest
resource base.
With stakes in six of the ten
largest fields in the UKCS and two of UKCS's largest
pre-development fields, and with energy security currently being a
key focus of the UK Government, the Group believes it can utilise
its significant reserves and operational capabilities to play a key
role in delivering security of domestic energy supply from the
UKCS.
Ithaca Energy serves today's needs
for domestic energy through operating sustainably. The Group
achieves this by harnessing Ithaca Energy's deep operational
expertise and innovative minds to collectively challenge the norm,
continually seeking better ways to meet evolving
demands.
Ithaca Energy's commitment to
delivering attractive and sustainable returns is supported by a
well-defined emissions-reduction strategy with a target of
achieving net zero ahead of targets set out in the North Sea
Transition Deal.
Ithaca Energy plc was admitted to
trading on the London Stock Exchange (LON: ITH) on 14 November
2022.
ENDS-
