Ithica Energy seem to be running against the outflow of capital...

Ithica Energy seem to be running against the outflow of capital from UK Oil and Gas. This week they announced that they will pay ENI $1.44bn AUD for all of ENI's UK O&G assets. The assets consist production 4045 KBOE/day and 2P reserves of 100MMBOE.

As a US bank said “We still remain somewhat puzzled by the decision to double down on the UKCS given the likely increased tax burden under a Labour government, when peers such as Harbour Energy are diversifying into new geographies to reduce their effective tax rates. “

It's a big bet on the North Sea by Ithica given Labours current policies and potential to be the next government. Just how much discussion would there have been between Ithica and Labour about policy prior to them outlaying nearly $1.5bn? I hope there was lots of discussion and that they know more than we do.

All I can find publicly is Ithica saying that they believe Labour will "make the correct policy decisions to support domestic O&G". Energy Voice have an interview with their Chairman which deals with the EPL, why they are sticking with the UK and the ENI transaction. It is behind their paywall, does anyone have a subscription?

https://www.energyvoice.com/oilandgas/north-sea/550830/ithaca-energy-eni-uk-gilad-myerson/