Yaniv Friedman, Executive Chairman of Ithaca Energy, commented: “This acquisition marks the next era of growth for Ithaca Energy as we make our inaugural international acquisition in offshore East Coast Canada.
“The transaction delivers on our clear stated growth strategy as we seek to diversify and grow our production and resource base and replicate our success in the United Kingdom Continental Shelf (UKCS) through disciplined international expansion in regions we believe we can create long-term value for our shareholders.”
With this acquisition, Ithaca Energy builds scale and diversification over two key operating hubs, with incremental average 2P production of around 30,000 barrels of oil equivalent per day (boe/d) between 2027 and 2031, with peak 2P production of 35-40,000 boe/d in 2029, supporting its medium-term growth outlook of 140-150,000 boe/d.
The transaction, which is expected to be immediately cash flow and dividend accretive, positions the company as the fifth largest operator offshore Canada by production, establishing a strong platform in the region for further inorganic growth in North America, with focus on adding premium northern-OECD barrels.
Ithaca’s acquisition of these long-life assets will add 2P reserves of 103 million boe at approximately $8/boe, with substantial additional remaining resource volumes of around 200 million boe providing further investment optionality with significant resources advancing toward the final investment decision (FID) phase, offering material organic growth optionality.
The completion of the acquisition is targeted for H1 2027, subject to satisfaction of customary closing conditions, including applicable regulatory and government approvals in Canada.
