Editing Ithaca Forecasts Higher 2025 Production Following Eni Acquisition

<br>2025 production expected between 105,000 and 115,000 boepd<br><br><br><br>Declares interim 2024 dividend of $200 million<br><br><br><br>Reaffirms 2025 dividend target of $500 million<br><br>*<br><br>Ithaca to cut jobs following ENI deal<br><br>(Adds share price and analyst comment)<br><br>By Arunima Kumar<br><br>March 26 (Reuters) -<br><br>North Sea oil and gas company Ithaca Energy forecast higher 2025 production on Wednesday, encouraged by its acquisition of the UK assets of Eni.<br><br>When you have virtually any queries concerning in which and tips on how to make use of [https://jetblacktransportation.com/lga-to-nyu/ JetBlack], you can e mail us from the website. Shares jumped 7% in early trading, as the company declared an interim dividend of $200 million to be paid in April.<br><br>Ithaca also reaffirmed its dividend policy for 2025 with a target of $500 million.<br><br>Ithaca bought nearly all of Eni's UK oil and gas producing assets last year in an all-stock deal worth around 754 million pounds ($975.8 million), with an aim [https://jetblacktransportation.com/lga-to-nyu/ laguardia airport to nyu] become one of the biggest independent North Sea energy companies.<br><br>The company added on Wednesday it would cut a small portion of its workforce, following the deal's completion. It has not disclosed the exact number of jobs that will be affected.<br><br>The ENI deal allowed Ithaca to forecast higher production for 2025. The London-listed company expects full-year 2025 output in the range of 105,000-115,000 barrels of oil equivalent per day, above last year's 80,200 boepd.<br><br>Its 2024 production was about 14% higher than in the previous year.<br><br>On Tuesday, Ithaca also said it would acquire Japan Petroleum Exploration's (Japex) North Sea business for $193 million.<br><br>Beyond 2025, the group expects to maintain production above 100,000 boepd in the medium-term from its existing producing asset base and the start-up of the Rosebank development in the North Sea.<br><br>"Company is in a strong position and announcement of acquisition of JAPEX UK will further bolster the portfolio and longer-term outlook," said Ashley Kelty, analyst at Panmure Liberum.<br><br>Its 2024 profit after tax fell to $153.2 million from $292.6 million a year earlier, largely due [https://jetblacktransportation.com/lga-to-nyu/ laguardia airport to nyu] a higher tax burden in 2024.<br><br>Last year the UK's Labour government increased the energy profits levy, raising the headline tax rate on oil and gas activities to 78%, one of the highest rates globally.<br><br>In 2025 Ithaca expects to make cash tax payments in the range of $235 million [https://jetblacktransportation.com/lga-to-nyu/ laguardia airport to nyu] $265 million, primarily driven by the profits levy. (Editing by Bernadette Baum)<br><br>