Ithaca Energy Acquires Japex's North Sea Business for $193M
(Reuters) - Ithaca Energy said on Tuesday it would acquire Japan Petroleum Exploration's (Japex) UK unit for $193 million, as it seeks to become one of the biggest independent North Sea energy companies.
Ithaca will take on about $215 million of JAPEX UK E&P Ltd's (JUK) material tax losses and about $105 million in losses from energy profit levies in the UK.
The deal will help Japex hive off its 15% stake in the BP-operated Seagull oil and gas field amid a string of exits from the ageing basin after growing uncertainties around government tax plans, as Reuters reported last year.
Ithaca shares rose as much as 2.2% to 140 pence after the announcement.
(Reporting by Yamini Kalia in Bengaluru; Editing by Savio D'Souza)
