On 21 March 2024, the Board of Ithaca Energy plc (LON:ITH) announced its third interim dividend of $134 million, representing $0.1321 per ordinary share. The third interim dividend will be paid on 17 April 2024 to shareholders on the share register on 2 April 2024.
As previously announced, the dividend is payable in cash in Sterling to holders of the ordinary shares. Sterling dividends will be converted from US dollars at an average of the mid-point of the market exchange rate over the three dealing dates on 27 March, 28 March and 2 April 2024 (£1 = US$1.2603). Accordingly, the amount of the sterling dividend payable in cash on 17 April 2024 will be 10.4814 pence per share.
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. In recent years, the Company has been focused on 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.
