Ithaca Energy agreed to acquire Suncor Energy’s interests in three offshore oil fields off Canada’s east coast for C$1.2 billion (U.S.$860 million) in upfront cash, with up to C$350 million (U.S.$250 million) potentially payable based on future oil prices. Ithaca will also assume C$1.9 billion in associated liabilities, including a C$500 million regulatory well-compliance program at Terra Nova beginning in 2027 and estimated abandonment and lease liabilities of C$1.4 billion. The deal covers Suncor’s 48% stake in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose. Ithaca intends to assume operatorship of Terra Nova and is expected to close the transaction in early 2027, subject to regulatory approvals, partner consents and other conditions. The acquisition is Ithaca’s first outside the U.K. and supports its medium-term production target of 140,000-150,000 barrels of oil equivalent per day. The assets contain 103 million barrels of oil equivalent of proven and probable reserves and are expected to produce about 30,000 barrels of oil equivalent per day on average from 2027 to 2031. Suncor will retain its interests in the Hebron and Hibernia fields. Alongside the sale, Suncor raised monthly share repurchases under its normal course issuer bid from C$500 million to C$750 million starting in October 2026, while keeping its targets to increase normalized free funds flow by C$2 billion and reduce its WTI breakeven by U.S.$5 per barrel through 2028 unchanged. Ithaca shares rose 2.8% as the FTSE 100 gained 0.3% for a second consecutive session, while broader gains were offset by declines in 3i, AstraZeneca and GSK.