Press release

21 November 2024

Ithaca Energy plc ("Ithaca Energy" or the "Group")

Announcement of 2024 Special Dividend

Ithaca Energy is pleased to announce a special dividend for 2024 of $200 million, representing $ 0.1209 per ordinary share. The special dividend will be paid on 20 December 2024 to shareholders on the share register on 29 November 2024.

The dividend is payable in cash in Sterling to holders of the ordinary shares. Sterling dividends payable will be converted from US dollars at the average of the mid-point of the market exchange rate on 3 December, 4 December and 5 December 2024. Accordingly, the Group will confirm the foreign exchange rate and the amount of the Sterling dividend payable in pence per share on 6 December 2024.

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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 three transformational acquisitions in recent years, including the recent Business Combination with Eni UK. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the "UKCS"), ranking second largest independent by production with the largest resource base.

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 ahead of targets set out in the North Sea Transition Deal.

Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON: ITH) on 14 November 2022.

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