Ithaca Energy PLC (LSE:ITH) shares jumped 8.9% after it published results for last year, a day after it agreed to purchase JAPEX UK for US$193 million.
Today's results included a third interim dividend of $200 million, taking total 2024 dividends to $500 million.
The FTSE 250-listed group, which is the second largest independent producer in the UK continental shelf after completing its merger with Eni UK in October, also reaffirmed its dividend policy for 2025, targeting a dividend of 30% post-tax cash flow, keeping the dividend target at $500 million.
Production in the fourth quarter was 116,000 barrels of oil equivalent per day (boe/d) and opex per barrel of $14, delivering adjusted underlying profits (EBITDAX) of $646 million.
Ithaca said the strong production trend continued into 2025, with average production from November 2024 to February 2025 of over 120,000 boe/d.
Executive chairman Yaniv Friedman said: "2024 was a transformational year for Ithaca Energy, having made material progress across our strategic objectives creating value organically and organically.
"We enter our Next Era of growth, with a proven strategy and a range of strategic options for growth."
He said yesterday's announcement of the JAPEX acquisition increases the company's stake in a "high-quality, long-life" Seagull oilfield from 35% to 50%,