Shares in oil firm Ithaca Energy climb 12 percent after encouraging results from its the latest well at its North Sea Stella project which it is in the process of developing.
“This is a very positive result for Ithaca as the well test rates exceeded expectations,” say Westhouse analysts, who have a “buy” rating on the stock.
Ithaca said the well flowed at a maximum rate of 10,835 barrels of oil equivalent per day which helped derisk its project.
Analysts at Mirabaud say the oil flow rate “impressive” and say Ithaca’s update confirms that the project is progressing well.
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