Proposed Revisions to the Energy Profits Levy

RNS Number : 9440G

Ithaca Energy PLC

18 November 2022

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

18 November 2022

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

Response to Proposed Revisions to the Energy Profits Levy

Ithaca Energy, a leading UK independent exploration and production company focused on the UK North Sea, notes the revisions to the Energy Profits Levy in the Autumn Statement 2022.

The Energy Profits Levy favours companies that are reinvesting their profits in the UK North Sea, such as Ithaca Energy. The Company has a strong pipeline of development opportunities, which have the ability to increase domestic energy supply in line with the British Energy Security Strategy and allow the Company to benefit from tax relief under the levy's investment allowance. The Company will work with Government and its industry partners to evaluate its development opportunities under the revised Energy Profits Levy.

The Company remains committed to its communicated dividend policy.

The full details and legislative changes related to these revisions have not yet been published and therefore it is currently not possible to fully assess the potential impact on the Company. The Company will provide an update to the market, as appropriate, once full details are known.

Enquiries

Ithaca Energy
Kathryn Reid - Head of Corporate Affairs & Communications	[e-mail]
FTI Consulting (PR Advisers to Ithaca Energy)	[phone]
Ben Brewerton / Nick Hennis	[e-mail]

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. Founded in 2004, Ithaca Energy has been an active UK offshore operator and producer since 2008, 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.

Important Legal Information

This announcement is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia (" United States ") or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement shall not form the basis of or constitute any offer or invitation to sell or issue, or any invitation or solicitation of any offer to buy, purchase or subscribe for any of the Company's ordinary shares (the " Ordinary Shares ") or any other securities to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful, including the United States or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment therefor.

The Ordinary Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the " Securities Act "), or with any securities regulatory authority of any state or other jurisdiction of the United States. The Ordinary Shares may not be offered or sold in the United States, except pursuant to an applicable exemption from or in a transaction not subject to the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of the Ordinary Shares in the United States.

 

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