UK's Ithaca Energy to acquire Japex's North Sea business for $193 million
March 25 (Reuters) - Ithaca Energy (ITH.L), opens new tab said on Tuesday it would acquire Japan Petroleum Exploration's (Japex) (1662.T), opens new tab 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.
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