Ithaca appoints ENI's Luciano Vasques as CEO

(Sharecast News) - North Sea oil and gas explorer Ithaca Energy on Tuesday said it had appointed ENI executive Luciano Vasques as chief executive officer following its £750m deal to buy almost all of the Italian firm's UK assets. Vasques will replace interim CEO Iain Lewis, who will return to his chief finance role. Currently managing director of Eni UK, Vasques led the recent acquisition and integration of Neptune Energy.

The company, which will become one of the North Sea's biggest explorers after the deal is completed, also reported lower first-quarter earnings due to weaker gas prices, but held full-year guidance.

Adjusted core earnings fell to $339m for the three months to March 31 from $518m a year ago when gas prices surged in the wake of Russia's unprovoked invasion of Ukraine.

Reporting by Frank Prenesti for Sharecast.com