As it approaches the finalization of its deal to purchase the UK assets from the Italian oil company Eni, one of the biggest oil and gas companies operating in the North Sea overhauled the management team.
Luciano Vasques will become chief executive of Ithaca Energy after the acquisition is complete. He will fill a position that has been vacant since Alan Bruce resigned in January without a successor.
Gilad Myerson has left the company too after five years. He was the executive chairman of the company since its ex-boss quit. Dave Blackwood is the non-executive Director at Ithaca who will take over in the interim until Yaniv Friedman becomes permanent.
Friedman joins from Modiin Energy – a Tel Aviv listed oil and gas firm. He was previously the deputy chief executive at Newmed Energy – another Israeli gas company which is controlled in majority by Delek Group – an Israeli conglomerate that is also Ithaca’s majority shareholder.
Odin Estensen has been appointed chief operating officer. He is the managing director for Neptune Energy’s Norwegian and UK operations.
Blackwood stated that the appointments “position the company for continued success as we move to the next exciting stage of growth as the biggest resource holder in UK North Sea after the business combination with Eni’s UK business”.
Myerson has been vocal in his criticism of windfall tax which increased the levy of oil and gas profits by 75 percent.
Ithaca holds stakes in six out of the top ten fields in the North Sea as well as Rosebank, one of the biggest untapped fields within UK waters. Ithaca is yet to make a final decision on Cambo. This decision will be made this year.
The deal to buy Eni’s UK assets will be completed weeks after the General Election. This is despite Labour’s pledge to block all North Sea exploration licenses, and to extend windfall tax.
Eni, a multinational group of energy companies with headquarters in Rome, is listed on the Italian Stock Exchange. Last year, it produced 1.7 million barrels per day.
Ithaca, which is focused on the UK North Sea, was London’s biggest IPO in 2022. Ithaca would become the second largest independent producer of oil in the North Sea with over 100,000 barrels per day after Harbour Energy. The FTSE 250 has lost over 50% of its value since its flotation.
Ithaca has announced a 35% decline in earnings adjusted to $339m during the first three months of the year. This is due to a drop in production to 58.699 barrels of oil-equivalent per day (boe/d) from 75.257 boe/d.
After hedging the average oil price reached $87, up from $81. The average gas price, however, was 119p per therm, down from 192p.
Ithaca shares rose by 3p or 2.6% to 116 3/4p.
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