Kirk Lovegrove acted as strategic and financial adviser to Sumitomo Corporation on the sale of its UK subsidiary Summit Exploration and Production Limited (Summit) to Ithaca Energy for $224 million plus customary adjustments. Summit’s net production is currently ca. 2.4 mboepd, coming from its 2.1875% interest in the TotalEnergies operated Elgin-Franklin fields. Summit also holds exploration prospects, including a 50% operated interest in K2 (block 22/14c). Completion of the transaction is expected during the second quarter of 2022.