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...Ithaca has been one of the most vocal critics of the windfall tax imposed on the sector by the UK government in 2022 after Russia’s invasion of Ukraine caused a surge in energy prices....
...Ithaca could acquire all of Eni’s UK upstream oil and gas assets in exchange for new Ithaca stock. Eni would hold 38 to 39 per cent of the enlarged group under the limited details released so far....
...In its latest results for the nine months to the end of September, Ithaca reported production of 71,000 barrels of oil equivalent per day and post-tax profits of $238.5mn....
...It took navigationally challenged Greek hero Odysseus 10 years to get from Troy to Ithaca, a distance of just 500 miles. Ithaca Energy is on a ramble of its own....
...Ithaca does expect lucrative cash flows; dividends of $400mn are slated for next year. A yield of 14 per cent is double the current forward yield for the UK sector. But financing remains key....
...In August, Ithaca said pre-tax profits rose 570 per cent to £1.45bn in the first half of the year....
...Due to close in June, the Siccar Point acquisition also hands Ithaca a 20 per cent stake in Rosebank, another significant undeveloped oilfield north-west of the Shetlands....
...Underlining the Korean music industry’s global ambitions, Hybe Corporation — formally known as Big Hit Entertainment, the company behind BTS — in April completed a $1bn merger with Ithaca Holdings, an American...
...The latest to jump into the sea is Ithaca Energy, which is owned by Israel’s Delek Group. It has agreed to buy stakes in ten oil and gasfields owned by Chevron of the US for £2bn....
...Mr Thomas at Ithaca said he was not anticipating job cuts as part of the deal beyond natural attrition, giving Ithaca’s relatively small size....
...Ithaca, which is a subsidiary of Israel-based Delek Group, will pay approximately $145m on completion followed $120m of non-contingent deferred consideration in the period 2020-2023....
...As a holder of a fifth of Ithaca’s shares, Delek should know what it is getting into....
...North Sea oil explorer Ithaca Energy has agreed a $1.24bn takeover by Israel’s Delek Group, in the latest of a flurry of acquisitions in the region as more stable oil prices fuel a revival of confidence....
...Ithaca Energy and Faroe Petroleum, as well as the larger Cairn Energy and Premier Oil, are among those to have registered double-digit percentage increases in their share prices this year....
...Producers in the North Sea — ranging from companies such as Royal Dutch Shell and Total to smaller players such as EnQuest and Ithaca Energy — are contending with the most difficult conditions in living...
...They added: “The borrowing base of Ithaca had been an area of concern to some investors....
...It also provides a welcome tranche of cash for Ithaca, which is negotiating with its banks to keep its lending lines open....
...In November, Ithaca Energy became the first UK oil company to have its available credit cut — from £625m to £515m — after its banks decided its assets were no longer worth as much as they used to be....
...Ahead of negotiations with its lenders, Ithaca, which is developing the Stella field, raised $66m by selling new equity and this will be used to pay down debt....
...Lisa Barnard, of Ithaca College, has found that online ads tailored to specific consumers do increase their intent to purchase items....
...Ithaca ended December with net debt of $763m, out of total debt facility of just over $1bn....
...“It’s not an artisan cheese or anything that takes a lot of skill to make,” explained Robert Ralyea, senior extension associate in the food science department at Cornell University in Ithaca, New York....
...Ithaca’s shares closed the week at 92p, which was more than 40 per cent below their level they registered at the start of the year....
...Les Thomas, Ithaca’s chief executive, said each of the acquired assets presented the opportunity for improved returns in spite of a general pattern of declining production from North Sea fields as their...
...Ithaca Energy rose 17.5 per cent after flow tests of a North Sea well beat expectations....
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