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Eni: towards potential link with Ithaca Energy

( - Ithaca Energy, one of the UK's leading independent North Sea oil and gas operators, has announced that it has entered into an exclusivity agreement with Eni, as part of a potential combination with the company, including its upstream assets.

Eni has granted Ithaca Energy exclusivity with respect to the assets subject to the potential combination, for a period of 4 weeks from the date of this announcement, Ithaca Energy said.

Ithaca Energy and Eni have entered into the exclusivity agreement to allow time for separate progress on the contractual documentation required as part of the potential combination.

It is intended that Eni will contribute its UK operations in exchange for the issue of new Ithaca Energy shares to Eni. The Italian hydrocarbon company is expected to hold between 38% and 39% of Ithaca Energy's enlarged share capital following completion of the transaction

Although discussions are at an advanced stage, there can be no certainty as to the completion of any potential combination, nor as to the final terms or timing on which any potential combination could be completed, Ithaca Energy says.

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