Ithaca Energy Eyes Optimistic Growth with Key Acquisitions

Ithaca Energy plans for increased production by 2025, fueled by their recent acquisition of Eni's UK assets and a prospective purchase from Japex. Despite a decline in profits, the company aims to become a leading independent in the North Sea sector.

Ithaca Energy has announced its forecast for increased production in 2025, attributing the optimism to its recent strategic acquisitions, including UK assets from oil giant Eni.

The company, which acquired Eni's UK producing assets in a substantial all-stock deal worth approximately 754 million pounds, aims to establish itself as a prominent independent energy entity in the North Sea region. Additionally, Ithaca announced its plan to purchase Japan Petroleum Exploration's UK unit for $193 million.

Despite a substantial fall in its full-year profit after tax to $153.2 million from $292.6 million, the London-listed firm projects 2025 production between 105,000 and 115,000 barrels of oil equivalent per day, a significant increase from last year's output.

(With inputs from agencies.)