Ithaca Energy has agreed to acquire an additional 46.25% stake in the Cygnus gas field in the UK southern North Sea from Spirit Energy for about $154 million.
The transaction, which will raise Ithaca’s operated interest to 86%, remains subject to approval from the North Sea Transition Authority. Ithaca expects to gain 23 MMboe of 2P reserves and extra production this year in the range 12,500 to 13,500 boe/d.
Production from Cygnus, the UK’s largest offshore gas field, stared in 2016. Currently 11 wells are in production with three new infill wells approved. The Valaris Norway jackup rig is on location and expected to spud the first of two firm wells shortly, with startups anticipated during second-half 2025 and first-half 2026.
Cygnus is in blocks 44/11a, 44/11b and 44/12a in water depths ranging from 15 to 25 m.
“This deal follows our Japex (Seagull) deal announced just two months ago and further demonstrates our growth strategy…," said Yaniv Friedman, Ithaca’s executive chairman.
