The development of Britain’s largest untapped oil field in the North Sea will generate billions of pounds in tax and boost the UK’s energy security for decades, ministers have said.
The development of Britain’s largest untapped oil field in the North Sea will generate billions of pounds in tax and boost the UK’s energy security for decades, ministers have said.
Shares of Ithaca Energy have experienced a surge of up to 8.5% following the approval of the Rosebank oil field development.
On Wednesday, Ithaca Energy PLC reported a decrease in interim profit due to impairment charges, even as production saw growth.
Zak Mir takes a charting look at some of the most followed small caps on the London stock market. Today’s charts are FTSE 100, Dax, Dow, Bitcoin, B90, Deltic, Fresnillo,
Announcement of Offer Price
Ithaca Energy plans to launch an Initial Public Offering (IPO) on London Stock Exchange next week. This could put the North Sea oil producer at up to 3.0 billion pounds.
As Russia tightens its grip on Europe’s gas supplies, the UK is set to experience record-breaking energy prices this winter. This will only add to Britain’s current cost-of-living crisis.
Russia’s gas cut could fracture the unity of Europe’s Union this winter, as tight budgets and supply issues limit the bloc’s ability to deal with an unexpected, severe energy shortage.