Ithaca Energy will be able to make “material dividend distributions to shareholders” following the completion of its merger with Eni UK in October, it said March 26. Its Q4 adjusted pretax earnings were $646mn It reported zero Tier 1 or 2 incidents in the year. Its Rosebank project continues to progress in line with the multi-year development timeline. First production is expected in 2026/27.
It begins the year as the largest resource holder in the UK continental shelf. Its estimated 2P reserves and 2C resources are 657mn barrels of oil equivalent, up from 544mn boe in December 2023. And it is the second largest independent producer, at 105,500 boe/day. Operating costs were $14/boe, delivering Q4 adjusted pretax earnings $646mn.
It also bought Japex UK E&P March 25, adding 15 percentage points to its existing stake in Seagull which now stands at 50%.
URL: https://www.ithacaenergy.com/
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