Ithaca Energy "exceeded expectations" in "transformational year", bosses say as company announces its unaudited full year results for 2024.
Highlights of the energy giant's performance over the year included strong production levels of 80.2 kboe/d, at the top end of market guidance range.
The report also states Ithaca exited 2024 as the largest resource holder in UKCS, with estimated 2P Reserves & 2C Resources of 658 mmboe as at 31 December 2024 (2023: 544 mmboe).
It also notes the continued progress of the Rosebank project in line with the multi-year development timeline following the court ruling, as well as an improved safety record with zero tier 1 or 2 incidents in the year.
Yaniv Friedman, executive chairman, commented: "2024 was a transformational year for Ithaca Energy. We enter 2025 with a stronger, more diverse production and reserves base, significant investment optionality, increased financial strength and an enhanced strategic platform.
"We continue to see material opportunity in our home basin, with an eye on international expansion, providing a range of strategic options for growth.
"Our focus will continue to be on high-grading investment across our range of growth opportunities, executing in line with our strategy as a value-led investor, to maximise long-term sustainable shareholder value."
Luciano Vasques, chief executive officer, commented: "Our 2024 performance exceeded expectations and the combination of the business with the Eni's UK assets is demonstrating its value.
"The integration is progressing well, with both operational and systems aspects well on track. We have also seen improved performance in safety and a marked reduction in emission intensity.
"We are progressing on all fronts of our organic growth projects, and welcome the recent judicial review ruling on the Rosebank development, which supports its continued progression.
"The Rosebank development is good for the UK, it supports 2,000 UK jobs in its construction phase, increases UK energy security and contributes significant tax receipts to the government."
Ithaca Energy plans to host an investor update on Wednesday 26 March 2025 alongside its full year results.
The group expects to publish guidance for 2025 with the full year 2024 results together with a full Competent Persons Report (CPR) prepared by an independent reserves auditor.
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