By Anthony O. Goriainoff

Ithaca Energy PLC said Friday that it will work with the U.K. government and its industry partners to evaluate development opportunities under the revised energy profits levy set out on Thursday by Treasury chief Jeremy Hunt.

The London-listed oil-and-gas company said the measure favors companies such as itself which are reinvesting profits in the North Sea.

Ithaca said it had a strong pipeline of development opportunities to increase domestic energy supply in line with the British energy security strategy which will allow it to benefit from tax relief under the levy's investment allowance.

"The full details and legislative changes related to these revisions have not yet been published and therefore it is currently not possible to fully assess the potential impact on the company," it said.

Shares at 1239 GMT were up 3 pence, or 1.6%, at 195 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

November 18, 2022 08:04 ET (13:04 GMT)

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