20th Feb 2025 10:14
(Alliance News) - Ithaca Energy PLC on Thursday said oil production rose faster than the market forecast in the year just gone.
The London-based oil and gas company operating in the North Sea said production was 80,200 barrels of oil equivalent per day in 2024, at the top end of market guidance range and 14% higher than 70,239 in 2023.
Notably, in the final quarter of 2024, peak production rate was 138,000, with "strong" performance continuing into January, citing 120,000 barrels of oil equivalent per day on average for the three months from November to January.
In October, Ithaca and Eni Spa completed their combination of upstream UK operations.
Ithaca on Thursday said the business was "materially transformed" following the combination.
Chief Financial Officer Iain Lewis said: "We continue to build our value levered hedge position, which combined with our recently refinanced balance sheet gives us a strong financial foundation for future growth and cash returns."
Executive Chair Yaniv Friedman said: "2024 was a transformational year for Ithaca Energy. We enter 2025 with a stronger, more diverse production and reserves base, significant investment optionality, increased financial strength and an enhanced strategic platform. We continue to see material opportunity in our home basin, with an eye on international expansion, providing a range of strategic options for growth. Our focus will continue to be on high-grading investment across our range of growth opportunities, executing in line with our strategy as a value-led investor, to maximise long-term sustainable shareholder value."
Chief Executive Officer Luciano Vasques said: "We are progressing on all fronts of our organic growth projects, and welcome the recent Judicial Review ruling on the Rosebank development, which supports its continued progression. The Rosebank development is good for the UK, it supports 2,000 UK jobs in its construction phase, increases UK energy security and contributes significant tax receipts to the government."
Ithaca shares jumped 9.5% to 143.63 pence each on Thursday morning in London, making it the best performed on the FTSE 250.
Ithaca will publish 2024 results on March 26.
By Tom Budszus, Alliance News slot editor
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