North Sea oil and gas player, Ithaca Energy, increased its estimated reserves and boosted cashflow during 2011 and says it is still in negotiations over a possible takeover.
In 2011 the company saw cashflow from operations at $103.5m, against a prior year figure of $88.9m.
Profit before tax came in at $37.1m, slightly down on 2010's figure of $38m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm's "proved and probable" resources gained 9% during the year to 50.25 mmboe (million barrels of oil equivalent).
Ithaca is also one of the companies to have benefited from the 2012 budget in which the Chancellor, George Osborne, increased the so-called "small field allowance".
Ithaca says these changes will save it $80m over the lifetime of its fields in the Greater Stella area.
In today's update the company gives no further details on the potential offer that was announced in January, other than to say "discussions continue with interested parties".
By 15:53 shares in Ithaca had risen 0.9%. Since the start of the year the stock has gained 43.6%.
BS
-
The top stocks in the FTSE 100After a year of strong returns for the UK’s flagship index, which FTSE 100 stocks have posted the best performance in 2024?
-
A junior ISA could turn your child’s pocket money into thousands of poundsPersuading your child to put their pocket money in a junior ISA might be difficult, but the pennies could quickly grow into pounds – and teach them a valuable lesson about money
