UK's Ithaca Energy lifts annual production forecast for second time this year

(Reuters) -Ithaca Energy, a North Sea-focused oil and gas company, raised its 2025 production forecast on Wednesday for the second time in three months, after first-half production more than doubled, sending its shares 7% higher.

The London-listed producer has been expanding its portfolio through acquisitions in the past year, including its purchase of Eni's UK oil and gas assets and a stake increase in Cygnus gas field.

Production rose to 123,600 barrels of oil equivalent per day (boepd) in the six-month period ended June 30, up from 53,000 boepd last year, driven by record first-quarter output due to its expanded portfolio.

Ithaca posted adjusted EBITDAX (Earnings Before Interest, Taxes, Depreciation, Amortization and Exploration Expense) of $1.1 billion for the first half, compared with $533 million a year earlier.

Ithaca now expects 2025 production levels between 119,000 and 125,000 boepd, from an initial forecast of 109,000-119,000 boepd.

(Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)