Ithaca Energy PLC Chief Executive Officer Change (7222Y)
January 05 2024 - 2:00AM
UK Regulatory
TIDMITH TIDMTTM
RNS Number : 7222Y
Ithaca Energy PLC
05 January 2024
Ithaca Energy plc ("Ithaca Energy" or the "Group")
Chief Executive Officer Change
Ithaca Energy plc, ("Ithaca Energy" or the "Company"), a leading
independent oil and gas operator in the North Sea announces that
Alan Bruce, Chief Executive Officer, having led the Company through
a successful IPO and first year as a listed company, has agreed
with the Board that he will step down from his role as Chief
Executive Officer to pursue new opportunities.
The Board will progress with a formal search process to appoint
a new Chief Executive Officer as soon as possible and will update
the market in due course. Until a new Chief Executive Officer is
appointed, Iain Lewis will fulfil a dual role of Interim Chief
Executive Officer with immediate effect, as well as continuing as
Chief Financial Officer, working alongside Gilad Myerson, Executive
Chairman and the Company's experienced Leadership Team.
Gilad Myerson said: "The Ithaca Energy Board thank Alan for his
hard work and strategic insight over the last two and a half years
and wish him well for the future. The search for a new Chief
Executive Officer will start as soon as possible. In the meantime,
our strong Leadership Team will continue to manage the business,
led by Iain as Interim CEO, working in collaboration with myself
and with the support of the Board."
Alan Bruce said: "I am extremely proud of what Ithaca Energy has
accomplished over the past several years, with the Company now
established as one of the largest independent operators in the UK.
Having led the business through its successful IPO, I am leaving
with the Company in a strong financial and strategic position. I
would like to thank all of the Ithaca Energy employees who have
been instrumental in the Company's success to date and wish them
well in the future."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 of 16
April 2014 (MAR) as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018.
Enquiries
Ithaca Energy
Kathryn Reid - Head of Investor Relations, kathryn.reid@ithacaenergy.com
Corporate Affairs & Communications
FTI Consulting (PR Advisers to Ithaca
Energy) +44 (0)203 727 1000
Ben Brewerton / Nick Hennis / Rosie Corbett ithaca@fticonsulting.com
Note to editors:
Alan Bruce will be treated in accordance with Ithaca Energy's
approved remuneration policy and the terms of his service contract.
Further details will be disclosed on Ithaca Energy's website in
compliance with Section 430(2B) of the Companies Act 2006 and in
the Directors' Remuneration Report within its Annual Report and
Accounts for the year ended 31 December 2023.
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.
-ENDS-
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END
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