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Ithaca Energy Completes Strategic Acquisition to Boost North Sea Presence

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Ithaca Energy Completes Strategic Acquisition to Boost North Sea Presence

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An update from Ithaca Energy PLC ( (GB:ITH) ) is now available.

Ithaca Energy has completed the acquisition of JAPEX UK E&P Limited, increasing its stake in the Seagull field from 35% to 50%, matching bp’s interest. This acquisition, valued at $193 million, is part of Ithaca’s strategy to enhance production and cash flow from high-quality assets, reinforcing its position as a key player in the UK North Sea oil and gas industry.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £1.27 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.

Spark’s Take on GB:ITH Stock

According to Spark, TipRanks’ AI Analyst, GB:ITH is a Neutral.

Ithaca Energy PLC’s stock score is driven by strong corporate events and solid technical analysis. However, financial performance concerns due to declining revenue and valuation issues with a negative P/E ratio moderate the overall score.

To see Spark’s full report on GB:ITH stock, click here.

More about Ithaca Energy PLC

Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea. It has a strong track record of value creation through organic investments and acquisitions, making it one of the largest independent oil and gas companies in the UK Continental Shelf. The company aims to deliver domestic energy security while operating sustainably and has a commitment to achieving net zero emissions ahead of the North Sea Transition Deal targets.

Average Trading Volume: 1,247,636

Technical Sentiment Signal: Buy

Current Market Cap: £2.53B

Find detailed analytics on ITH stock on TipRanks’ Stock Analysis page.

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