Ithaca Energy Surges with Strategic UK Asset Acquisition

Ithaca Energy's shares rose nearly 8% following a successful increase in 2024 oil and gas production, bolstered by the acquisition of UK assets from Eni. The company aims to solidify its status as a leading North Sea energy entity. Positive integration and a strategic growth outlook were highlighted.

Ithaca Energy's shares experienced a notable 8% jump in morning trading, driven by a reported boost in 2024 oil and gas production. This development follows the company's strategic acquisition of Eni's UK assets last year, part of a larger ambition to become a major independent energy player in the North Sea.

As of 0911 GMT, Ithaca's stocks, listed in London, had risen to 141.60p, marking a 7.9% increase. 'Our 2024 performance exceeded expectations,' stated Ithaca CEO Luciano Vasques, adding that integrating Eni's UK assets has shown significant value, with both operational and systems integration smoothly advancing.

In an update preceding its full-year results release on March 26, Ithaca announced a 2024 production figure of 80.2 thousand barrels of oil equivalent per day, marking a 14.2% rise from the previous year. Executive chairman Yaniv Friedman expressed optimism about key opportunities for growth within their core region while considering international expansion opportunities.

(With inputs from agencies.)