More press ....21 Feb 2025 07:27
..... Ithaca Energy shares climbed 13 per cent on Thursday after the company revealed its annual output hit the top end of guidance.
The North Sea-focused business produced 80,200 barrels of oil equivalent per day (boepd) in 2024, having forecast between 76,000 and 81,000 boepd.
Production totalled 116,000 boepd in the fourth quarter, reaching a peak of 138,000 boepd, following Ithaca's £754million acquisition of nearly all Eni UK's upstream oil and gas assets in early October.
Full-year operational costs also came in lower than expected at $649million, compared to management forecasts of $650million to $730million.
As a result, Ithica anticipates reporting adjusted earnings before nasties of $1.4billion and cash from operations of $0.9billion.
Shares in Ithaca had topped the FTSE 250 Index by the late afternoon, soaring by 13 per cent to 148.2p, although this is still over 40 per cent below their 250p initial public offering price.