07:39 AM EDT, 03/27/2024 (MT Newswires) -- Eni (E) has given Ithaca Energy a four-week exclusivity period to make an offer for its UK upstream assets, Ithaca said Wednesday.

In exchange for its UK business, Eni would receive additional Ithaca shares to bring its stake to between 38% and 39% if the transaction closes.

Ithaca said the agreement covers "substantially all of Eni's UK upstream assets including the recently acquired Neptune Energy assets, excluding certain assets including Eni's CCUS and Irish sea assets."

Talks between Eni and Ithaca are in advanced stages but there is no certainty that a combination will occur, Ithaca said.