4 October 2023

Ithaca Energy plc

("Ithaca Energy" or the "Company")

Issue of Shares to the Employee Benefit Trust

and

Total Voting Rights

Ithaca Energy, a leading UK independent exploration and production company, today announces the proposed issue and allotment of 7,807,305 new ordinary shares in the capital of the Company of £0.01 each (the "New Shares") intended to be subscribed for at nominal value by Computershare Trustees (Jersey) Limited (the "Trustee"), as trustee of The Ithaca Energy Plc Employee Benefit Trust (the "EBT").  The issue and allotment of the New Shares announced today will enable the newly formed EBT to satisfy share options and other incentive awards granted to employees of the Company pursuant to the Company's various employee share incentive plans, following the vesting of such options and awards.

The subscription costs for the New Shares will be funded by way of a loan from the Company to the Trustee. The New Shares will rank pari passu in all respects with the Company's existing ordinary shares.

Admission and Total Voting Rights

Applications have been made to the FCA for admission of the New Shares to the premium listing segment of the Official List of the FCA and to the London Stock Exchange for admission of the Shares to trading on the main market for listed securities of the London Stock Exchange ("Admission"). It is expected that Admission will become effective on 5 October 2023.

Following Admission, the total number of shares in issue in the Company will be 1,014,372,281. The Company does not hold any shares in treasury and all shares have equal voting rights. Therefore, the total number of voting rights in the Company, following Admission, will be 1,014,372,281. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Ithaca Energy under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries

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-