Pinsent Masons advises Ithaca Energy on its US$1.5 billion acquisition of Siccar Point Energy

The acquisition will accelerate Ithaca’s growth, positioning it as one of the leading E&P operators in the UK North Sea through the addition of four of the UK’s largest oil and gas fields by reserves to its portfolio.

The consideration consists of an upfront payment of US$1.1 billion plus up to US$360 million of additional payments contingent on future developments and realised commodity prices. The Siccar Point team and Operatorship of its key UK assets will transfer to Ithaca on closing.

The transaction remains subject to regulatory approvals and is expected to complete around the end of Q2 2022.

The Pinsent Masons team was led by Global Head of Oil & Gas Rosalie Chadwick and comprised a multidisciplinary team including Michael Smith, Steven McKinley, Rachel Warner, Giles Warrington and Jamie Robson.

Commenting on the deal, Rosalie said: “The last few weeks has brought into sharp focus the UK’s need to prioritise its domestic energy supply. The North Sea and its buoyant M&A market continues to play a critical role in supporting this.”

Pinsent Masons has been advising Ithaca Energy on its North Sea portfolio for a number of years, including advising on its US$2 billion acquisition of Chevron North Sea Limited and its US$1.24 billion takeover by Israeli-listed Delek Group