Not quite the introduction to the top-flight investors might have hoped for.
Shares in Ithaca Energy PLC (LSE:ITH) fell 4% to 273.35p after it confirmed it will join the FTSE 100 later this month, marking another milestone in the North Sea producer’s expansion following a series of acquisitions, including its combination with Eni UK.
The company confirmed its promotion to London’s blue-chip index will take effect on 21 September 2026, following FTSE Russell’s latest review.
Executive chairman Yaniv Friedman said the move would introduce Ithaca to new potential investors.
"We're very pleased to be entering the FTSE 100, reflecting ongoing efforts of optimisation, growth and delivery of shareholder value. 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," Friedman said.
Ithaca describes itself as the second-largest independent producer in the UK Continental Shelf by production, with the largest resource base among UK independents. It holds stakes in six of the UKCS’s ten largest fields and two of its largest pre-development projects.
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