UK's Centrica rises after JV to sell Cygnus gas field stake for $155 million

British energy supplier Centrica CNA.L up 1.7% at 154.6p

Centrica says Spirit Energy, its joint venture with German utility Stadtwerke München GmbH (SWM), will sell a 46.25% stake in the Cygnus gas field to Ithaca Energy for about 116 mln pounds ($155.05 million)

North Sea oil and gas company Ithaca Energy ITH.L up 1.2% at 134.6p

Centrica expects 69% share of headline consideration to be 80 million pounds

Spirit Energy to receive about 215 million pounds in transaction from the deal, including 116 million pounds in headline consideration and 99 million pounds in decommissioning liabilities

Ithaca Energy expects the deal to add pro forma production between 12.5 kboe/d and 13.5 kboe/d in 2025

YTD, Centrica up 15.63%, Ithaca Energy 22.28% higher

($1 = 0.7482 pounds)