Slaughter and May is advising Spirit Energy on the sale of a 46.25% interest in the Cygnus gas field

Slaughter and May is advising Spirit Energy on the sale of 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 approximately £215 million, including headline consideration of £116 million and the transfer of £99 million of decommissioning liabilities associated with the interest.

Following completion of the transaction, Spirit Energy will remain focused on the development of the long-term Morecambe Net Zero carbon storage project, its remaining producing assets and safely and efficiently decommissioning its facilities and wells with minimum environmental impact.