Aberdeen-based oil and gas firm Ithaca Energy yesterday said all of its current and future developments would get a boost from the March Budget.
Chancellor George Osborne expanded the criteria for the small field tax allowance – a tax break for fields smaller than 45million barrels of oil equivalent.
Ithaca said this would benefit its planned Stella area development, approved last month, plus all of its future developments.
This included its Harrier, Hurricane, Carna, Scolty Area and South West Heather discoveries.
The comments were made as Ithaca announced first-quarter results.
The company said revenue for the latest period had been £25.1million, compared with £19.3million in the same three months last year.
This was because of increased production – mostly from the Cook and Broom fields which it bought into last year – and the rise in oil prices, but offset by a reduction in gas production.
Pre-tax profits at the company were £8.5million, up from £7.6million 12 months earlier.
Production was 4,299 barrels of oil equivalent per day compared with 3,494 in the equivalent period last year.
First oil from its Athena field is due imminently, through the BW Athena floating production and storage vessel.
Ithaca is also hoping to start drilling an appraisal well on Hurricane during the current quarter and plans to submit a field-development plan for the Carna discovery – which it took over operatorship of last month – by the year-end.
The firm gave no update on a possible takeover for the business.
It has said previously that a timetable for submissions had been set and an update would be given by June 4.
Ithaca revealed in March that it had received unsolicited interest from several unnamed parties in a deal estimated to be worth £540million.
Speculation about the potential buyers has focused on oil firms such as EnQuest, Taqa and Dana Petroleum.
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