HOUSTON, TEXAS (Editors at Energy Analytics Institute, 25.Mar.2025) — UK independent Ithaca Energy signed a sale and purchase agreement to acquire the entire issued share capital of JAPEX UK E&P Limited (JUK) from Japan Petroleum Exploration Co. Ltd for an enterprise value of $193mn based on an effective date of 1 Jan. 2024.
JUK holds a 15% working interest (WI) in the Seagull oil field in the UK North Sea.
The transaction, which is subject to the satisfaction of certain conditions including regulatory approval, will increase Ithaca’s working interest in Seagull from 35% to 50%, equalling bp‘s interest as the field operator, Ithaca announced on 25 Mar. 2025 in an official statement.
