Ithaca Energy Inc. is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business centred on the generation of discoveries capable of monetisation prior to development.
Ithaca has a solid and diversified UK producing asset base generating significant free cashflow, mainly from oil production.
Current development activities are focused on the construction of a new Ithaca operated production hub in the “Greater Stella Area” of the UK Central North Sea.
The Company has a broad Norwegian exploration and appraisal asset portfolio, with the main focus of activities being on the generation of proven reserves in lower risk geological and geographic locations.
The Company also has a limited UK exploration asset portfolio that it is in the process of “drilling out”, with all the associated costs materially carried through farm-out arrangements.
Ithaca is a Canadian incorporated company with its headquarters in Aberdeen, United Kingdom, and an office in Oslo, Norway.