Wedoany.com Report-Mar 26, North Sea oil and gas company Ithaca Energy (ITH.L),forecast higher 2025 production on Wednesday, encouraged by the recent acquisition of the UK assets of Eni (ENI.MI).

Ithaca Energy logo is seen in this Illustration taken, October 18, 2022.

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 ($975.75 million), as it aims to become one of the biggest independent North Sea energy companies.

On Tuesday, Ithaca also said it would acquire Japan Petroleum Exploration's (Japex) (1662.T), UK unit for $193 million.

The London-listed company said on Wednesday it expects full-year 2025 production in the range of 105,000-115,000 barrels of oil equivalent per day (boepd), higher than 80,200 boepd it produced last year.

Its production of 2024 was about 14% higher than in the previous year.

Its full-year profit after tax fell to $153.2 million, from $292.6 million a year earlier.