Press release

30 March 2023

Ithaca Energy plc ("Ithaca Energy" or the "Company")

Appointment of Non-Executive Director

Directorate Change

London, 30 March 2023 - Ithaca Energy plc (LON: ITH) is pleased to announce the appointment of Mr. Itzhak Sharon Tshuva as a Non-Executive Director, with immediate effect.

Gilad Myerson, Executive Chairman, commented:

"I am delighted to welcome Mr Tshuva as a non-executive director to the Board of Ithaca Energy.  Mr Tshuva brings to the board extensive experience in the international oil and gas markets. As the major shareholder of Delek Group, he is responsible for the discovery of significant natural gas reserves offshore Israel which contributed to its emergence as an international player. Mr Tshuva has been deeply involved in the development of Ithaca Energy, helping to position the Company for our IPO last year".

In connection with the IPO, the Company entered into a Relationship Agreement with Delek Group.  Pursuant to the terms of the Relationship Agreement, subject to certain shareholding thresholds, the Delek Group is entitled to appoint a maximum of two Non-Executive Directors to the Board of Ithaca Energy. Mr Tshuva will act as the Delek Group's second Non-Executive Director on the Board. Following Mr Tshuva's appointment, the Company plans to add a further independent non-executive director to enhance the independence of the Board and to bring complimentary skills and experience to the Board and a search is underway in this regard.

At the date of this announcement Mr Tshuva is currently the Controlling Shareholder and a Director of Delek Group Ltd (TASE: DLEKG). Delek Group is the Controlling Shareholder of Ithaca Energy.  Mr Tshuva holds no other directorship positions. No other information is required to be disclosed under Listing Rule 9.6.13.

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About Ithaca Energy plc

Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions in recent years. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the "UKCS"), ranking second by resources.

With stakes in six of the ten largest fields in the UKCS and two of UKCS's largest pre-development fields, and with energy security currently being a key focus of the UK Government, the Group believes it can utilise its significant reserves and operational capabilities to play a key role in delivering security of domestic energy supply from the UKCS.

Ithaca Energy serves today's needs for domestic energy through operating sustainably. The Group achieves this by harnessing Ithaca Energy's deep operational expertise and innovative minds to collectively challenge the norm, continually seeking better ways to meet evolving demands.

Ithaca Energy's commitment to delivering attractive and sustainable returns is supported by a well-defined emissions-reduction strategy with a target of achieving net zero by 2040.

Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON: ITH) on 14 November 2022.

-ENDS-