Ithaca Energy sees FY results, production in line with guidance

Independent North Sea oil and gas explorer Ithaca Energy said full year earnings would be in line with guidance.

The company, which last month lost chief executive Alan Bruce after two years in charge, said 2023 production was 70.2 thousand barrels of oil equivalent per day (kboe/d), in line with previously stated guidance of 68-74 kboe/d.

Ithaca, owned by Tel-Aviv-listed Delek Group, has been a vocal critic of the government’s windfall tax on oil producers and on Wednesday confirmed that it had cut back activity in response to the levy.

Iain Lewis, chief financial officer & interim chief executive: "We begin 2024 in a position of strength with a diverse portfolio of high-quality assets and significant investment optionality.”

“Strict cost control and strong cash flow generation in 2023 has supported the continued deleveraging of the balance sheet with significant flexibility to support our future growth plans."

Reporting by Frank Prenesti for Sharecast.com