(Reuters) – Shares of Ithaca Energy jumped nearly 8% in morning trade after the North Sea-focused company reported higher 2024 oil and gas production, driven by the recently acquired UK assets of Eni.
Ithaca bought nearly all of Eni’s UK oil and gas producing assets last year in an all-stock deal worth around 754 million pounds ($950.87 million), as it aims to become one of the biggest independent North Sea energy companies.
By 0911 GMT, Ithaca’s London-listed shares were up 7.9% at 141.60p.
“Our 2024 performance exceeded expectations and the combination of the business with Eni’s UK assets is demonstrating its value. The integration is progressing well, with both operational and systems aspects well on track,” Ithaca CEO Luciano Vasques said.
In a trading update ahead of full-year results on March 26, Ithaca reported 2024 production of 80.2 thousand barrels of oil equivalent per day (boepd), 14.2% higher than in the previous year.
“We continue to see material opportunity in our home basin, with an eye on international expansion, providing a range of strategic options for growth,” executive chairman Yaniv Friedman said.
($1 = 0.7930 pounds)
(Reporting by Arunima Kumar in Mumbai; Editing by Kirsten Donovan)
