Ithaca Energy (LON:IAE), the London and Tornonto listed oil and gas group, has confirmed that it has received a confidential, non-binding takeover proposal.
The proposal is understood to be conditional on, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the Ithaca board.
Ithaca stressed that the discussions were at a preliminary stage and there was no certainty that the approach would lead to an offer being made for the company.
Earlier this month, North Sea-focused Ithaca reported that export production had reach 1,595,039 barrels of oil equivalent last year, representing an average rate of 4,370 barrels per day net to the company. That daily production average has since risen to a current level of approximately 5,010 barrels net as a result of a workover recently completed at the Beatrice Bravo platform.
The company is currently awaiting the delivery of the BW Athena Floating Production, Storage and Offtake vessel, which will eventually handle production from the Athena field, which is currently under development.
