Ithaca Energy Inc (LON:IAE) revealed net profits of $7.9m on revenues of £110.8million for 2009, a report said today. In 2008, the Canadian Oil and Gas corporation with a focus on the exploration and development of oil and gas reserves in the North Sea on the United Kingdom's Continental Shelf, made a net loss of £30.4 million and revenues of £3.3 million. Overall, the company had cash and cash equivalents of $29.9m and no debt and fourth quarter revenues were $39.7m. Chief executive Iain McKendrick commented:
"As a result of the clear progress made in 2009, Ithaca is in a strong cash position, clean of commitments, has the ability to access bank debt and is poised for future growth. We have made a good start to the current year with the drilling of the Stella appraisal well, from which test results are expected shortly. In the remainder of the year, incremental projects in the Beatrice area will secure base production levels and the development of Athena and potential expansion of operated activities in the Stella area should provide a exciting flow of project work and future production growth."
