Ithaca Energy announces K2 successful exploration well results

Ithaca Energy is pleased to announce the results of exploration drilling at the K2 prospect, located in Block 22/14c of the Central North Sea of the UK Continental Shelf.

Upon entering the reservoir, Ithaca Energy, acting as the operator, discovered that hydrocarbons were present in the reservoir in the Forties member sandstones, with 45 feet of net thickness. Logs were acquired to establish reservoir quality and further analysis of the well results will be performed to determine future activity and the recoverable resources estimate. Ithaca Energy, together with its joint venture partner, have decided to perform an appraisal sidetrack following these encouraging results in the main bore.

Ithaca Energy holds a 50% working interest in the licence with the remaining 50% working interest held by Dana Petroleum.

Alan Bruce, Chief Executive Officer, commented: “I am delighted to report encouraging well results at K2, located in close proximity to existing infrastructure, further enhancing our portfolio.”

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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 two transformational acquisitions in recent years. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), ranking second by resources.

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 by 2040.

Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON: ITH) on 14 November 2022.

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