North Sea oil producer Ithaca Energy has formally urged investors to accept a takeover offer for all the remaining stock not already owned by its largest shareholder.
An oil and gas company led by a co-founder of Ithaca Energy has raised £6.2million to put towards developing a field in the outer Moray Firth.
Two major new milestones for the beleaguered UK North Sea oil and gas industry have highlighted resilience in the face of a downturn.
Ithaca Energy today announced the start-up of production from the Stella field in the North Sea.
North Sea oil and gas is on the crest of a “third wave” in its evolution following a series of major deals worth more than $6billion (£4.8billion), energy professionals have claimed.
Bosses at Ithaca Energy said it would be “business as usual” for the North Sea oil producer following its anticipated takeover by Israeli firm Delek Group.
A recent spate of acquisitions shows oil companies and investors still see potential in the North Sea, a lawyer said yesterday.
Israel’s Delek Group has made a “reasonable” offer for the remaining shares in Ithaca Energy, analysts agreed yesterday.
Delek Group is set to takeover Ithaca Energy.
The boss at Ithaca Energy said today he was frustrated by a delay to first oil from the flagship Greater Stella Area in the North Sea.
Ithaca Energy said it expects first hydrocarbons from the Greater Stella Area later this month.
The Press and Journal’s long standing energy editor was handed a special award at a glittering ceremony hosted by the oil and gas industry’s leading trade body.
Viking Seatech has completed its first major marine consultancy project in the North Sea after delivering Ithaca Energy's FPF-1 floating production facility (FPF) from Poland.
Scotland is lagging behind the rest of the UK in the number of companies represented on the Alternative Investment Market (AIM) it was claimed at an event yesterday.
Ithaca Energy confirmed it was in talks to boost its North Sea portfolio.
Ithaca Energy said its floating production facility, the FPF-1 has begun its sail away to the Stella field.
Ithaca Energy has extended its position in the Greater Stella Area (GSA) with four agreements entered into for the acquisition of additional interests in two discoveries.
Ithaca Energy today confirmed its floating production facility (FPF-1) was only two weeks away from heading to its location on the North Sea’s Greater Stella Area Development.
The chairman of Ithaca Energy is set to step down ahead of the firm achieving first oil from its flagship North Sea field.
North Sea firm Ithaca Energy said it remains on schedule to deliver first oil from its flagship Stella field in the North Sea later this year more than doubling production to 20-25,000 barrels of oil equivalent per day.
Ithaca Energy has reported a loss after tax of $121 million as result of a $203 million post-tax impairment charge arising from lower forecast future oil and gas prices.
Ithaca Energy has chipped away at its record high debt while posting strong third quarter results.
The investment arm of Israeli gas firm Delek Group has acquired an almost 20% stake in Ithaca Energy for $66million. The deal underlines investors still see value in North Sea related businesses, despite a slump in oil prices and high operating costs in the region.
Ithaca Energy said it expects to begin production from its North Sea Greater Stella field early next year.
Ithaca Energy has sold its Norwegian exploration business for $60million. MOL Plc bought Ithaca Petroleum Norge for an initial $60million price tag. However, depending on how successful the discoveries drilled on Ithaca Norge's existing licence portfolio between 2015 and 2017 are, MOL could pay future “bonus payments” of up to $30million to Ithaca.