Press release
Directorate Change
Ithaca Energy plc ("Ithaca Energy"
or the "Company"), a leading independent oil and gas operator in
the North Sea announces that John Mogford has informed the Board of
his intention to step down from his role of Senior Independent
Director. John will support a managed transition to his successor
and will formally step down from the Board at the Company's Annual
General Meeting in May.
The Board will shortly commence a
search to identify and appoint a successor as soon as possible, and
a further announcement will be made when appropriate.
Gilad Myerson, Executive Chairman
said: "The Ithaca Energy Board would like to thank John for his
exceptional guidance over the last 18 months, in particular through
the Company's successful IPO and during our first full year of
operations as a listed company. We will initiate a search for
John's replacement in short order to ensure a managed transition of
his responsibilities."
John Mogford said: "A year and a half after the
IPO, giving the UK a significant independent oil and gas producer,
and positioning the Company for a potential transformational
combination with Eni's UK operations, I have decided to step down
from the Company's Board as it enters the next period of its
journey. We can be proud of our achievements in this period,
especially in progressing Rosebank through FID and well into
construction, and in successfully navigating the transition from a
private company to a publicly listed company. I wish the Company
and those involved with it the best for the future as they continue
on their growth journey."
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
Note to editors:
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.
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