Ithaca Energy has this morning announced it has formally completed the purchase of an additional 46.25% stake in the Cygnus gas field in the North Sea.
The acquisition from Spirit Energy brings Ithaca's overall stake in Cygnus to 85%.
Following the deal, which involved a payment of £116million and the transfer of associated decommissioning liabilities, Spirit Energy retains a 15% stake in the field.
Yaniv Friedman, executive chairman, commented: "We're very pleased to complete the transaction with our partner Spirit Energy and further execute on the group's strategy to pursue value-accretive M&A, adding high-quality assets in our core UKCS market. This acquisition, and the completed deal with Japex, strengthens the group's position as a lead consolidator in the UKCS, adding incremental reserves and production via highly attractive opportunities that meet our strict investment criteria.
"The success of the group's M&A activity in 2025 and improved organic efficiency and production means we expect to exit the year with a production rate of approximately 140 kboe/d, positioning Ithaca Energy as one of the largest producers in the UKCS basin, providing a platform for material cash generation and growth."
Cygnus is the largest UK Continental Shelf gas field and a key contributor to the UK's energy security.
The Cygnus field made headlines back in 2018 when it became the first oil and gas platform to feature on Google Street View.
FTSE100
The UK's flagship share index, the FTSE 100, was up 72 points at 9,366 shortly after opening this morning.
Brent crude oil futures were up 0.26% at $66.25 a barrel.
Companies reporting today
Greggs* - Q3 Trading Statement