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2 Apr 2024 07:00
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
Ithaca Energy | |
Kathryn Reid - Head of Investor Relations, Corporate Affairs & Communications | kathryn.reid@ithacaenergy.com |
FTI Consulting (PR Advisers to Ithaca Energy) | +44 (0)203 727 1000 |
Ben Brewerton / Nick Hennis / Rosie Corbett | ithaca@fticonsulting.com |
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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