Aberdeen-headquartered Ithaca Energy said its CEO Luciano Vasques has informed the board of his intention to retire from the company by March 31, 2027.

“The board has commenced a process to identify a successor, and a further announcement will be made in due course, allowing for an orderly transition of responsibilities,”

Ithaca Energy executive chairman Yaniv Friedman said: “I would like to share my thanks to Luciano for his support during what has been a transformational time for the company, including the successful integration of Eni UK.

“Together, we have built a combined culture we can all be proud of. I know I speak for everyone in wishing him the very best for a long, happy and well-deserved retirement.”

Ithaca Energy non-executive director Francesco Gattei said: “On behalf of the board, I would like to express my sincere gratitude to Luciano for his leadership and commitment following our successful Business Combination with Ithaca Energy and we look forward to the exciting new chapter for Ithaca Energy through its next phase of growth following our recent acquisition announcement.”

Vasques said: “Following successful delivery of the Business Combination, our entry into the FTSE 100 and the establishment of a strong platform for future growth, I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins.

“I look forward to supporting an orderly transition and watching Ithaca continue to thrive.”