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Ithaca chief departs oil giant after post-IPO malaise

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The fate of North Sea fossil fuel exploration is sealed despite government efforts to push through new licenses
The fate of North Sea fossil fuel exploration is sealed despite government efforts to push through new licenses

Oil and gas producer Ithaca Energy’s chief executive Alan Bruce is leaving the company, which has taken on water since its disappointing stock market flotation last year.

A statement released by the firm today confirms Bruce’s departure “to pursue new opportunities” with immediate effect.

While the search for a permanent replacement begins, chief financial officer Iain Lewis will fulfil a dual role of interim chief executive officer with immediate effect, as well as continuing as chief financial officer, working alongside executive chairman, Gilad Myerson.

Myerson said: “The Ithaca Energy Board thank Alan for his hard work and strategic insight over the last two and a half years and wish him well for the future. The search for a new chief executive Officer will start as soon as possible. In the meantime, our strong Leadership Team will continue to manage the business, led by Iain as Interim CEO, working in collaboration with myself and with the support of the Board.”

Alan Bruce added: “I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the Company now established as one of the largest independent operators in the UK.  

“Having led the business through its successful IPO, I am leaving with the company in a strong financial and strategic position. I would like to thank all of the Ithaca Energy employees who have been instrumental in the Company’s success to date and wish them well in the future.”

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The North Sea oil and gas producer made a lacklustre debut to the markets in November 2022, with shares falling as much as 11.6 per cent below their 250 pence issue price on the day.

Since floating in what was the largest IPO of 2022, the company’s shares have slid 38 per cent to 144p this morning.

In April 2022, the company said it was concerned around its Rosebank investment decision, rocked by an uncertain investment environment exacerbated by last year’s windfall tax.

Ithaca has been contacted for further comment on Bruce’s departure.