Ithaca Energy Forecasts Production Surge Following Key Acquisitions

Ithaca Energy predicts increased production for 2025 due to acquiring UK assets of Eni. Following this acquisition, the company's shares rose by 7% and it announced a $200 million interim dividend. The company also plans further expansion with the purchase of Japan Petroleum Exploration's North Sea business for $193 million.

In a move that underlines its ambitious growth strategy, Ithaca Energy announced on Wednesday that it anticipates higher production levels in 2025, thanks chiefly to its recent acquisition of Eni's UK assets.

The news was well-received by investors, leading to a 7% jump in shares during early trading. Furthermore, Ithaca declared a $200 million interim dividend slated for April and maintained its dividend target of $500 million for 2025.

Beyond current acquisitions, the company signed an agreement to buy Japan Petroleum Exploration's North Sea operations for $193 million, ensuring a robust future production pipeline. The firms' ongoing expansions come amid high taxation post the UK's hike in energy profits levy, positioning Ithaca optimistically for substantial output beyond 2025.

(With inputs from agencies.)