Ithaca Energy wraps up $1.5bn acquisition of Siccar Point Energy

Ithaca Energy, a fully-owned subsidiary of Delek Group, has wrapped up the previously announced $1.46 billion acquisition of Scotland-based oil and gas company Siccar Point Energy.

The deal, which was announced in April 2022, is expected to help Ithaca Energy become a major exploration and production (E&P) operator in the UK North Sea. The combined entity has four of the largest producing fields in the basin such as the Schiehallion and Mariner fields as well as some of the largest development assets such as the Cambo and Rosebank fields.

Ithaca Energy wraps up $1.5bn acquisition of Siccar Point Energy. Photo courtesy of Ithaca Energy.

Gilad Myerson — Ithaca Energy Executive Chairman said: “Completion of the acquisition of Siccar Point marks a key milestone in establishing Ithaca as a leading UK North Sea E&P company with significant production, material growth potential, and a long-life cycle portfolio. We are excited about the future and welcome our new colleagues from Siccar Point.”

As per the terms of the deal, Siccar Point Energy will get an upfront payment of $1.1 billion and a series of contingent payments totalling up to $360 million.