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Ithaca Energy PLC Reveals Combination with Eni UK For Consideration Shares Worth C. ₤ 754 Million

Ithaca Energy PLC:

* ITHACA ENERGY PLC DELEK GROUP - DLEKG - TRANSFORMATIONAL COMBINATION WITH ENI UK

* ITHACA ENERGY PLC: FACTOR TO CONSIDER SHARES DESERVE C. ₤ 754. MILLION

* ITHACA ENERGY PLC: MIX OF ITHACA ENERGY AND. SUBSTANTIALLY ALL OF ENI S.P.A.'S UK UPSTREAM OIL AND GAS PROPERTIES

* ITHACA ENERGY PLC: ANTICIPATED 2024 COMBINED PRODUCTION OF. 80,000. TO 87,000 BARRELS OF OIL EQUIVALENT PER DAY FOR COMBINATION

* ITHACA ENERGY PLC: AMBITION FOR AS MUCH AS $500 MILLION OVERALL. DIVIDEND IN 2024 FOR MIX

* ITHACA ENERGY PLC: ITHACA ENERGY BOARD HAVE DETERMINED. THAT. MIX REMAINS IN BEST INTERESTS OF ITHACA ENERGY

* ITHACA ENERGY PLC: ENI WILL BE ENTITLED TO RECOMMEND. NOMINATION. OF NEXT PROPOSED CEO OF COMBINED GROUP

* ITHACA ENERGY PLC: COMBINATION CONSISTS OF ASPIRATION TO PAY. UNIQUE. DIVIDENDS IN 2024 AND 2025

* ITHACA ENERGY PLC: PROPOSED OFFER IS ACCRETIVE PER SHARE TO. EBITDAX, CFFO AND EARNINGS

* ITHACA ENERGY: ENI WILL HAVE RIGHT TO APPOINT 2 NON-EXEC. DIRECTORS TO ITHACA BOARD, AS LONG AS IT HOLDS OVER 10% (BUT NOT. OVER 20%) OF COMBINED GROUP

* ITHACA ENERGY PLC: ECONOMIC EFFECTIVE DATE FOR COMBINATION. WILL. BE 30 JUNE 2024, WITH CONCLUSION EXPECTED IN Q3 2024

* ITHACA ENERGY PLC: DELEK TO OFFER DOWN SUCH VARIETY OF. ORDINARY. SHARES REPRESENTING ABOUT 3 PERCENT. OF ENLARGED RELEASED SHARE. CAPITAL OF CO . Source text for Eikon:. More company protection: [ITH.L DLEKG.TA ENI.MI]

(source: Reuters)