Ithaca Energy acquires Cygnus field stake from Spirit Energy

Centrica Divests North Sea Gas Field Stake

Centrica has announced plans to sell off a big chunk of its holding in the Cygnus gas field in the southern North Sea. The deal will see Spirit Energy – a subsidiary of Centrica – offload its 46.25 per cent stake in the site for around £215m to Ithaca Energy. Centrica, which owns British Gas, said the transaction aligned with its strategy to “maximise value from Spirit’s remaining reserves” and deliver an “attractive upfront cash consideration.”…

Ithaca Energy acquires Cygnus field stake from Spirit Energy

North Sea operator Ithaca Energy has acquired an additional 46.25% stake in the Cygnus gas field from Spirit Energy in a £116 million deal.

Spirit Energy Sells 46.25% Interest in Cygnus Gas Field to Ithaca Energy as Part of Long-Term Energy Transition Strategy

Spirit Energy Sells 46.25% Interest in Cygnus Gas Field to Ithaca Energy as Part of Long-Term Energy Transition Strategy (IN BRIEF) Centrica plc has finalized an agreement for Spirit Energy to sell a 46.25% stake in the Cygnus gas field to Ithaca Energy for £215 million. The sale includes £116 million in headline consideration and £99 million in decommissioning liabilities. Cygnus, located in the Southern North Sea, is co-owned by Spirit Energy …

Centrica to sell further stake in North Sea gas field for £215m

The deal will see Spirit Energy - a subsidiary of Centrica - offload its 46.25% stake in the site for around £215m to Ithaca Energy

Centrica sells major stake in Cygnus gas field to Ithaca Energy for £215 million – Scottish Business News

Centrica plc has announced that subsidiaries of Spirit Energy Limited have agreed to sell a 46.25% interest in the Cygnus gas field to a subsidiary of Ithaca Energy plc. The total value of the transaction is approximately £215 million, comprising a headline cash consideration of £116 million and the transfer of £99 million in decommissioning liabilities associated with the stake. Centrica, which owns 69% of Spirit Energy, expects its share of th…

Ithaca Energy Plc to boost Cygnus stake to 85% in £116m deal

Ithaca Energy Plc (LON:ITH), a leading UK independent production and growth company, has announced it has signed a sale and purchase agreement to acquire an additional 46.25% stake in the Cygnus gas field from Spirit Energy for a purchase price of £116 million (approximately $154 million), based on an effective date of 1 January 2025. The Transaction, which is subject to NSTA consent, will increase Ithaca Energy’s operated interest in Cygnus to …