Ithaca Energy was formed just nine years ago with a focus on the UK North Sea.
After building up a number of interests the company drilled its first well, on the Athena prospect in the Moray Firth, in 2006.
Although the £180million development had first oil last year and is now producing up to 2,475 barrels of oil net to Ithaca, the operator’s key project is the £630million Greater Stella Area (GSA).
Development drilling at GSA, 147 miles south-east of Peterhead in the central North Sea, is due to start in the next few months. The project is likely to involve up to five production wells on the Stella field and two further production wells on nearby Harrier.
Expected production from GSA is about 30,000 barrels of oil equivalent per day, with 16,000 barrels net to Ithaca.
Following unsolicited interest in a takeover from several parties last year, analysts said Ithaca was still undervalued and an acquisition target.
The firm’s shares on the London Stock Exchange closed down 1p at 132.75p yesterday.