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Ithaca unveils £190m North Sea investment as owner continues to mull IPO

Ithaca unveils £190m North Sea investment as owner continues to mull IPO

 

Ithaca Energy expects to pump $250 million (£190 million) into its North Sea assets this year as it begins work on developing its Vorlich field in the Greater Stella Area and continues work on its Alba and Captain fields.

The Aberdeen-based company left the Alternative Investment Market in 2018 when it was bought by Israeli conglomerate Delek Group. Last year it was revealed that Delek is mulling a return for Ithaca to the London stock market and today confirmed it is continuing to consider its options, including an initial public offering (IPO).

Ithaca completed its £1.6 billion takeover of assets from Chevron North Sea in November. Oil giant BP invested $50 million (£38 million) into Ithaca last month.

Ithaca will spend about $20 million of its latest investment package on decommissioning. Most of that cash will be go towards dismantling wells and platforms in the Jacky field.

The company added: “Production in 2020 is forecast to average between 70,000 to 75,000 barrels of oil equivalent per day, approximately 65% liquids. This range reflects the expected timing for completion of various infill drilling campaigns, start-up of the Vorlich field, the programme of planned maintenance shutdowns across the portfolio and sensitivities associated with the timing and performance of these operational programmes.”

Source: Insder

Published: 04-02-2020

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