Ithaca Energy Looking for New CEO
This article was first published on Rigzone here
Ithaca Energy plc revealed, in a statement posted on its website recently, that its board has begun searching for a new CEO after incumbent Luciano Vasques informed the company of his intention to retire by March 31, 2027.
"The board has commenced a process to identify a successor, and a further announcement will be made in due course, allowing for an orderly transition of responsibilities," Ithaca Energy announced in the statement.
Vasques joined Ithaca Energy in October 2024 as CEO, a bio page hosted on Ithaca's website highlights, noting that he "brings a wealth of executive and energy industry experience with a career spanning over 30 years covering a range of leadership, technical, and operational roles". He previously held the role of Managing Director of Eni UK Limited and led the acquisition and integration of Eni Energy UK, formerly Neptune Energy, into Eni UK's operations, the bio page points out. Prior to this he held the role of Head of Central Asia for Eni S.p.A, "overseeing interests in two giant oil and gas fields, Kashagan, and Karachaganak," the page notes.
In Ithaca's statement, Yaniv Friedman, Executive Chairman of the company, said, "I would like to share my thanks to Luciano for his support during what has been a transformational time for the company, including the successful integration of Eni UK".
"Together, we have built a combined culture we can all be proud of. I know I speak for everyone in wishing him the very best for a long, happy and well-deserved retirement," he added.
Francesco Gattei, Non-Executive Director of Ithaca Energy, said in the statement, "on behalf of the board, I would like to express my sincere gratitude to Luciano for his leadership and commitment following our successful business combination with Ithaca Energy and we look forward to the exciting new chapter for Ithaca Energy through its next phase of growth following our recent acquisition announcement".
Vasques commented in the statement, "following successful delivery of the business combination, our entry into the FTSE 100, and the establishment of a strong platform for future growth, I believe the company is in excellent shape and that now is the right time for me to retire and hand over the reins".
"I look forward to supporting an orderly transition and watching Ithaca continue to thrive," he added.
In a statement posted on its website in October 2024, Ithaca Energy announced the completion of its "transformational combination" with "substantially all" of Eni S.p.A.'s UK upstream oil and gas assets.
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Ithaca Energy announced, in this statement, the formal appointment of Vasques as Chief Executive Officer.
In a statement posted on its site earlier this month, Ithaca revealed that it had entered into an agreement with Suncor Energy Inc to acquire a portfolio of conventional offshore oil assets located in shallow waters off the East Coast of Newfoundland and Labrador, Canada, for an upfront cash consideration of $860 million, plus a potential oil price related contingent consideration of up to $250 million, based on a sharing factor of 50 percent.
The assets comprise a 48 percent operated working interest in Terra Nova, a 40 percent non-operated interest in the White Rose Existing Lands, and a 38.6 percent non-operated interest in the White Rose Growth Lands, including the West White Rose Extension, the statement highlighted.
Ithaca noted in this statement that this transaction is "fully aligned" with the company's "inorganic growth strategy, delivering value accretive M&A, while meeting all of the group's strategic investment parameters".
In a statement posted on Suncor's website announcing the deal, Suncor CEO Rich Kruger said, "this transaction further focuses our efforts on opportunities that generate the greatest long-term shareholder value".
"We are aligning our portfolio around our competitive advantages and the strengths of our unparalleled, physically-integrated business, underpinned by large-scale, long-life oil sands resources," he added.
Back in September, Ithaca confirmed, in a statement posted on its site, its "promotion" to the FTSE 100 Index.
"We're very pleased to be entering the FTSE 100, reflecting ongoing efforts of optimization, growth, and delivery of shareholder value," Friedman said in this statement.
"We welcome the opportunities our updated position unlocks, including being introduced to a new pool of potential investors, with whom we look forward to engaging," he added.
Ithaca Energy describes itself on its website as one of the largest independent oil and gas operators in the UK North Sea by production and resources, "with stakes in six of the ten largest fields in the UK North Sea and two of largest developments, Rosebank and Cambo".
To contact the author, email andreas.exarheas@rigzone.com
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