Centrica Plc (CNA.L), a British energy and services company, said on Tuesday that subsidiaries of Spirit Energy Limited have inked agreements to sell a 46.25% interest in the Cygnus gas field to a subsidiary of Ithaca Energy Plc.
The total value of the transaction to Spirit Energy is estimated at around 215 million pounds. This includes headline consideration of 116 million pounds and the transfer of 99 million pounds of decommissioning liabilities associated with the interest. Centrica's 69% share of headline consideration is expected to be 80 million pounds.
Chris O'Shea, Group Chief Executive of Centrica and Chairman of Spirit Energy, said: "Through this disposal we are taking another step in reducing our exposure to gas production while accelerating the delivery of enhanced value to shareholders, allowing the Spirit team to further focus on delivering the largest carbon storage project in Europe at Morecambe Net Zero."
The sale is expected to be closed during the second half. Post-transaction, Spirit Energy will retain a 15% interest in the Cygnus gas field.
Cygnus is located in the southern North Sea, around 150km east of the Lincolnshire coast. Cygnus is jointly owned by Spirit Energy with a 61.25% stake, and Ithaca Energy, through its subsidiary Eni UK with a 38.75% stake. Ithaca Energy is the operator of the field.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.