IAE.to/IACAF.pk: Ithaca Energy profit falls, takeover talks continue
Thu Mar 29, 2012 5:21am EDT
* FY profit before tax $37.1 mln
* Talks on with interested buyers
(Reuters) - Ithaca Energy Inc posted a slight fall in profit, and the oil and gas producer said it continued to be in discussions with parties interested in acquiring it.
Earlier this month, the North Sea-focused company said it had received unsolicited interest from several suitors, which analysts said could result in a deal valued at about C$868 million ($871.00 million).
The Sunday Times reported that Ithaca was in advanced takeover talks with Kuwait's national oil company and that the two had been in negotiations for several months.
Ithaca's 2011 pretax profit fell to $37.1 million from $38 million last year.
Net proved and probable reserves estimates rose 9 percent to 50.25 million barrels of oil equivalent as on Dec. 31.
Oil and gas production in the UK North Sea has passed its peak, as the larger and easier-to-tap deposits have been pumped out. But geologists say there were billions of barrels left to produce in smaller accumulations.
Ithaca also said it expects net export production to be about 4,200 barrels of oil equivalent per day in the first quarter.
The London-listed shares of the company were up 4.17 percent at 199.625 pence at 0846 GMT on Thursday on the London Stock Exchange.
They have gained about 35 percent since Ithaca first said it had received a confidential buyout proposal.
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